Commerce, Mining, & Finance

Evening Star, Issue 21783, 27 July 1934, Page 7

Commerce, Mining, & Finance

METAL MARKET Press Association—By Telegraph—Copyright. LONDON, July 25. The following are the official metal quotations Copper: Standard, £2B 18s 9d per ton ; forward, £29 6s 3d. Electrolytic: Spot, £33; forward, Sc Wire bars, £32 ss. „ Lead: Spot, £lO 15s; forward, £lO 18s 9d. Spelter: Spot, £l3 6s 3d; forward, £l3 8s 9d. Tin: Spot, £233 Ss 9d; forward, £233 3s 9d. Pig iron: Home trade, £3 7s 6d; export, £3 2s 6d. Antimony; British, £42 10s; foreign, £2B 7s 6d - . • Molybdenite, £1 16s per unit; Wolfram, £2 Is. Silver: Standard, 20fd per oz; fine, aid. , AUSTRALIAN STOCK EXCHANGES Pt«h Auociaticn —By Telegraph—Copyright. SYDNEY, July 26.* On the Stock Exchange bank shares were in better demand, but leading classified stocks were without much change. Commonwealth Bonds continue to soar. Later sales were:—Bank of New South Wales, £3O 15s; Commercial Bank of Sydney, £l6 19s; Commercial Bank of Australia, 15s 3d; National Bank (£5 paid), £5 17s 6d; Union Bank, £9 16s; Bank of Adelaide, £5 9s; Colonial Sugar, £65; Associated News, 21s 7id (pref., 23s 6d); British Tobacco, 375; Tooth’s, 43s 6d; Carlton Brewery’, 435; Goldsbrough, Mort, 29s 9d; Henry Jones, 31s; Millaquin Sugar, 30s; Farmers, 19s lOJd; Lustre Hosiery’, 235; Gordon and Gotch, 42s 9d; Mount Morgan, 25s lid; Broken Hill Proprietary, 45s 6d; Bulolo Gold, £8 2s; Kuala Kampar, 17s; Rawang, 9s 2d; Euratha, 10s 9d. MELBOURNE, July 26. National Bank (£5 paid), £5 19s; ‘ Herald ’ and ‘ Weekly Times,’ 50s 3d; Electrolytic Zinc, 25s 9d (pref., 34s 3d); Mount Lyell, 225. TARIFF CHANGES STEEL AND IRON PIPE MAKERS' SUGGESTION [Tn Unitbd Pass* Association.] WELLINGTON, July 26. Stating that they felt that if the evidence now available had been available when the Tariff Commission was making its report it would not have recommended the abolition of the duty on large* steel and iron pipes, a deputation representing two firms manufacturing pipes m New Zealand to-day approached the Minister of Customs (Mr Coates) and asked for reconsideration of the commission’s recommendation. The new facts were connected with recent large orders-- for .pipes which had been secured by r New Zealand manufacturers. It was suggested that the Government should restore the former preferential duty _ of 20 per cent, on iron and steel pipes over six inches in diameter; that it should alter its classification in such a manner as to impose a 20 per cent, preferential duty on: iron, steel, or cast iron pipes of four inches and over. It was stated that this would enable the dominion industry to compete in the smaller pipe field, where the demand was steadier, and would allow an expansion of the industry; and it was suggested that the Government should impose a dumping duty on Australian cast pipes in oases where the price of them in New Zealand was lower than in Australia. P. AND 0. SHARES Frew Association—By Telegraph—Copyright. LONDON. July 26. ’ (Received July 27, at 11 a.m.) P. and O. Shares are quoted at 15s IDJd. NEW GUINEA GOLD SHARES i —— Pltn Association—By Telegraph—Copyright. LONDON, July 26. (Received July 27, at 11 a.m.) New Guinea Gold shares are quoted at 5s 3d. BEET SUGAR Ptm Association—By Telegraph—Copyright. LONDON, July 26. (Received July 27, at 10 a.m.) Beet Sugar.—August, 4s B?,d.

LONDON STOCK EXCHANGE Press Association—Bj Telegraph—Copyright LONDON, July 26. (Received July 27, at 11 a.m.) The following are the latest quotation of Government securities:—

11, Vi iWV'IU «•* iui " LONDON TALLOW MARKET The Bank of New Zealand has received the following advico from its London office under date the 25th inst.: —The market is quiet. Current quota tions are: Good mutton, 20s to 20s 6d ; good’beef, 17s to 17s 6d; good mixed, 17s to 17s 6d; gut, 14s to 15s 6d. DOLLAR AND FRANC Press Association—By Telegraph—Copyright. LONDON, July 26. (Received July 27, at 10 a.ra.) The dollar is quoted at 5.04, and the franc at 76 7-16 d. PRICE OF GOLD. Press Association—By Telegraph—Copyright, LONDON, July 26. (Received July 27, at 10 a.m.) Fine gold is quoted at £6 18s per oz. AUSTRALIAN MARKETS Preu Association—By Telegraph—Copyright SYDNEY. July 26. Wheat: Bulk, ex trucks, Sydney, quoted at 3s IJd, bagged 2s 2sd. Flour, £8 15s. Bran, £4 ss. Pollard, £4 15s. Potatoes: Tasmanian £9 10s, Victorian £8 10s. Onions: Victorian Brown Spanish, £8 10s. Maize: Yellow 3s Id, white 3s 4d. ADELAIDE, July 26. Wheat: Growers’ lots 2s lOd. Flour: Bakers’ lots £8 15s. Bran, £5 ss. bollard, £3. lats: Algerian 2s Id. Harley, 2s 3d. MELBOURNE. July 27. (Received July 27, at 10 a.m.) Wheat, 3s 2id. Flour, £8 12s 6d. Bran, £4 ss. Pollard, £4 15s. Oats, 2s 3d. Barley: English, 2s 6d to 2s 9d. ■Maize, 3s to 3s 7d. Onions (steady), £6 10s to £6 12s 6d. WHEAT, FLOUR, ETC. Presi Aisociatioa—By Telegraph—Copyright. LONDON, July 26. (Received July 27, at 11 a.m.) Wheat cargoes are steadier in tone holders asking Sd to 9d more. Parcels arc firmer and held for an advance ot 6d .to 9d. Futures:—London: September 21s 10)d; December 23s 4cl. Liverpool: July 5s 3}d: October 5s 5Jd ; December 5s 7d, 7s 8d; March 5s . Old. The spot trade is quiet. Australian, ex-ship, 27s to 28s. Flour is firm. Australian, ex-store 18s to 19s. Oats are quietly steady. Peas ami beans arc firm. BRADFORD MARKET Pr«« Atrooiitioa—By Telegraph - Copyright LONDON, July 26. (Received July 27, at 11.35 a.m.) At Bradford business is meagre. Quotations; —Seventies, 30d; sixtyfours, 27d; sixties, 26d; fifty-sixes, 21d; fifties, 15d; forty-sixes, 12d; forties, IOJd. BUTTER AND CHEESE Press Association—By Telegraph—Copyright. LONDON, July 26. (Received July 27, at 10 a.m.) Butter is in good demand. Danish jumped to 90s. Choicest salted New Zealand, 78s to 795; Australian, 73s to 745. Unsalted, New Zealand, 8-is‘ Australian, 765. Cheese is steady. New Zealand- white 49s 6d, coloured 46s 6d. Australian was all cleared. DAIRY PRODUCE Messrs Dalgety and Co., Ltd., have received the following cable from Loudon dated July 26. The butter and cheese markets are firm. Quotations: —Danish butter, 96s to 98s; New Zealand finest butter. 77s to 795; Australian finest unsalted butter, 74s to 765; Australian salted butter, 71s to 735; Australian G.A.Q., 68s to 70s; Australian cheese, white, not quoted; Australian cheese, coloured, not quoted; New Zealand cheese, white, 49s 6d; New Zealand, coloured, 46s 6d; Canadian cheese, white. 50s to 525; Canadian cheese, coloured, 50s to 525; Canadian cheese, c.i.f., not quoted. Canadian cheese is new. '

MOUKT LYELL

Press Association— Telegraph—Copyright LONDON, July 26, (Received July 37, at 11 a.m.) Mount Lyell shares are quoted at 16s 3d. ' THE SEARCH FOR GOLD GOLDEN GULLY REPORT The following report has been received from the secretary , of the Golden Gully Sluicing nnd Develops ment Company Ltd.: — , .The construction ot workmen’s huts lias now been completed, and the blacksmith’s shop is under way. Some difficulty has been experienced with the low-level race ..where it intersects silica formation, and ■ it will now be necessary to ilunie this . portion. Continual heavy ram has prevented : much progress being-made at the No. 1 shaft, which ,iB now down to a depth of 3Uft, having passed through 13ft oi wash carrying lair values. A silica seam has now been encountered which necessitates close, timbering. Better values are anticipated when bottom is reached, at an estimated distance of 45ft. A new shaft (No. 2) has been commenced, and is down over Bft. A sample taken at Bft returned values of 3s 4d per yard, with gold at £4 per ouuce. Good prospects are being taken from the Ironstone Creek area, and a body of wash has been, hand-sluiced by the former owners; and has returned values at over 2dwt per yard. The: deptli •of wash here is over 10ft, and the o.verburden is about 3ft. No true bottom has been reached,- the present false bottom being a pug formation. A shallow‘shaft.nut down to a further 4ft disclosed a further body of wash of even bettor value. The. high-level race survey lias now been sufficiently well advanced for an estimate of quantities to be taken out, and the necessary pipes will be ordered as soon as the data is available. : PLACER DEVELOPMENT

Mr Fred. G. Dunn, attorney for Clutha, Development Ltd., advises that the. following information has been cabled:—...

On July 17 the- Placer Development Vancouver office mailed all shareholders a circular containing a notice of an extraordinary general meeting to be held at Vancouver on August 2, at Which a resolution .will be submitted for increasing the capital to 1,000,OOlldol by .creating 100,000 additional sdol shares. A further resolution will also be submitted authorising the acquisition by directors of shares in Pato Consolidated Gold Dredging Ltd., Asnazu Gold Dredging Ltd., and Rutherglen Gold - Dumps Ltd. The circular states that Placer Development and Pato Mines (Colombia) .Ltd. have each supplied 100,000 Canadian dollars -as working capital tor Pato Consolidated Gold Dredging, and it is- believed that this will be ample for present requirements. and-\that, including the shares issued for cash, the issued. capital of Pato Consolidated Gold Dredging- will be 1,200,000d01,- held equally by Placer Development and Pato Alines (Colombia) Ltd. Two dredges are operating on the property, and from June 1, the date on which Pato Consolidated took over the operation, these ' jointly were making a-profit at the rate of somewhat over 20,000d0l monthly. Regard mg Asnazu Gold Dredging, the circular states that Placer Company is acquiring for 175,U00d0) a 40 per cent, interest in this company. In consideration of providing a working capital estimated at £25,000 (Australian currency); Placer Development is ■to receive 64 per cent, of the issued shares of Ruthergl.en Gold Dumps Ltd., which company has recently been registered in Australia with a nominal capital of £50.000. Placer Development has management and technical control of these three companies, and Placer Development and New Consolidated Goldfields have jointly taken an option on Oani llota .Miue Island of Celebes. SKIPPERS LTD The following report has been received from the . Skippers Company mine manager (Air R. D. Climie). AJild weather is still being experienced, and things are moving along .steadily. The water is improving, hut I am putting the drag scoop to work to drag off the overburden and heap it in the paddock where we have already worked. This' will' save water, but will cost perhaps 10s or 12s a day more for benzine. and it is worth the expense. This scoop can handle up to fifty or sixty yards per hour, and in a few days will make'a big hole. The Diesel'engine is ready for work, and final adjustments are now being made. In connection with this we are going -to use the old J2iu tango pump, and this will save more wafer. VICTORIA-NYANZA SUGAR The Victoria Nyauzn Sugar Company lias advised the Stock Exchange that an Association cablegram from (lie plantations was received yesterday, reading ns follows ; —“ Commenced crushing today. approximate estimate ,7,0()0 tons..” BANKS’ GOLD HOLDINGS TRANSFER TO RESERVE BANK A notice in the Gazette prescribes a period of three months from August 1 within which every bank carrying on business in New Zealand'shall transfer to the Reserve Bank in exchange for an equivalent value of bank notes of the Reserve Rank or for credit with that bank all gold coin and bullion hold by it on its own account. Another Order-in-Council fixes September 1 ns the dale from'which the other banks will be required to maintain balances in the Reserve Rank.

Consols. per cent £80 10 0 Funding Loan, 4, 1963-90 ... 135 5 ,) Assented War Loan 104 3 ' Conversion Loan. 3J 104 3. Victory Bonds. 4 113 V Commonwealth, 6, 1945-47 108 C Commonwealth, 5, 1945-47 ... 100 17 Commonwealth, 3j. 1936-37 101 3 b Victoria. 3, 1929-40 93 8 Victoria, 3j. 1929-40 '99 10 0 Victoria. 4iJ, 1940-60 104 7 6 New South Wales, 3, 1935 ... 101 16 y, New South Wales. 3J, 1930-50 97 8 9 Queensland. 5. Stock, redeemable 1940-60 106 17 6 Queensland, 3. 1922-47 94 3 9 New Zealand, 4j, 1945-57 ... 108 10 0 New Zealand, 1940 101 3 9 New Zealand, 3. 1945 98 10 0 New Zealand, 6 1936-51 ... 106 0 0 S. Australia, 3i. 1939 101 3 9 S. Australia. 3, 1916 or after 83 15 0 Tasmania, 3£, 1930-40 101 2 6 Tasmania. 3, 1910-40 98 11 3 W. Australia, 3, 1915-35 ... 101 12 6 W. Australia. 6, 1930-40 ... 101 5 0