Commerce, Mining, & Finance

Evening Star, Issue 21784, 28 July 1934, Page 10

Commerce, Mining, & Finance

STOCK EXCHANGES p re „ Association — By Telegraph -Copyright SYDNEY, July 27. The Stock Exchange was quiet, ■ with a'minimum of price movements. ■ Later sales were:—Bank of rsew South Wales. £3O 15s; Colonial Sugar (London delivery), £64 17s ,6d; As- • sociated News. 21s 3d; Australian Gas (A), £8 Is; Carlton Brewery, 435; Henry Jones, 31s; Standard Cement, 18s IJd; David Jones, 39s 3d; Fairymaid Sugar, 365; Winchcombe; Carson, 30s; Mount Morgan, 255; 3d; Placer Development, £25 ss. Commonwealth Bonds: 4 per cent. 1938 £loo 13s 9d; 1941, £lO7 10s; 1944. £IOB 10s; 1947, £IOO 17s 6d; 1953, £llO 13s 9d; 1955, £lll Is 3d; 1957, £ll. 17s 6d; 1959, £lll 12s 6d; 1961, £ll2 ss. MELBOURNE, July 27. Commercial Bank of Australia, 15s 6d; Goldsbrough, Mort, 29s 6d; Electrolytic Zinc, 265; ‘ Herald and Weekly Times,’ 50s; Nestles (pref.). 36s 9d; Mount Lyell, 225, Dunlop Perdriau, 18s 6d. LONDON PRODUCE MARKET The Bank of New Zealand has; received the following advice from its London office under date 27th mst. : Frozen Meat.—For wethers the market is short of supplies and prices: are nominal. There is a fair demand ,for ewes. For lambs trade is-slow .and.the market is rather easier. Wethers—light s»d to 6d per lb, heavy 4Jd to Sid. Ewes, 3Jd to 4§d. Lambs—twos 7|d to 73d. eights 6|d , to 6|d, fours 6*d to 6id, seconds,6|d to 7Jd. TREASURY BILL FINANCE To-dav (says the Sydney ‘Morning Herald ’) there are approximately £50,000.000 of Treasury bills on issue an Australia, but of these only £30.000,000 are in the hands of the trading banks, the balance being held by the Commonwealth Bank. Instead of 6 per cent, being charged to the Governments, as was the case in 1930 and 1931. the rate has been gradually reduced, with the return of confidence in Governments and their policies, to the present level of 2i per cent. Treasury bill finance has served a purpose, and served it well. ,

METAL MARKET Pres* Aaaociation—By Telegraph—Copyright LONDON, July 26. The following are the official metal quotations:— Copper: Standard, £29 5s per ton; forward, £29 8s Ijd. Electrolytic: Spot, £32 ss; forward, £32 15s. / Wire bars, £32 15s. Lead: Spot, £11; forward, £ll 3s 9d. •■••... • ■ - ■ -,■ ' Spelter: Spot, £l3 17s 6d; forward, £l3 12s 6d. . .. . Tin: Spot, £231 11s 3d; forward, £231 10s. Pig iron : Home trade, £3 7s 6d; export, .£3 3s 6d. , . Antimony: British, £42 10s; foreign, £2B 7s 6d. _ Molybdenite, £1 16s per unit. Wolfram, £'2 Is. : Silver: Standard, 20Jd per oz; fine, ■2Tfd.. ' ■ .. ' ■ ■- ‘ DAIRY PRODUCE The National Mortgage and Agency Company Ltd.' have received the following cable from Loudon:—“ Butter: Market,firm. New Zealand finest, 78s, 79s ; New-Zealand-firsts, 765, 77b.; New Zealand unsalted, 82s, ,84s; Danish, 90s; - (f.o.b. . ’ 80s) Australian, ; 725., Cheese: Market steady. ■ New Zealand white, 495, 49s 6cl; New, Zealand col-, cured, 465; 6d, 475; Canadian, c.i.f., 48s. 505.” . The South Island, Dairy Association has received the following market reports from tho-New Zealand Produce Association, London;—Butter, 76s to 795; Danish, 100 s; -improved. Cheese: Steady; no change. SHEARERS AND SHED HANDS RATES FOR 1934*5 SEASON The Committee appointed under the award; of the Arbitration Court met in Wellington - oh, Thursday, when the rates of pay for the 1934-35 season were fixed as follows: Shearers.—(aV The rate for shearing by hand shall be not less , than 22s 6d per 100 with rations, (b) The rate for 'shearing .by machines shall be not less than 22s 6d per 100, with rations, (c) The rate for shearing lambs shall be not less than 22s 6d per ,100, with rations (d) In cases were the shearers find themselves in rations these rates shall be increased by 5s per 100. (e) The rate for stud sheep shall be settled by agreement between the employer and the shearer employed to do the work, (f) The rate for shearing hogget rams shall be rate and a-half, and for other rams double ordinary rate.

Shed Hands.—(a) Pressers—by the week, £2 15s; by the hour, Is 7d. (b) ■ All other shed hands—by the week, £2 10s; by the hour, Is sd. Youths.—Over sixteen years of age and'under eighteen years of age—by the week, £1,155; by the hour. Is Id. Cooks.—For twelve men or : under, £3 ss, per week ■: or . 12s per day if employed for less than seven days. ((Where over twelve men are employed the wages shall be by agreement, between the employer and the worker, but not in any case less than the minimum of £3 os per week or 12s per day.) . Cook’s, assistants, £2 15s per week; or 10s per day if employed for less than seven days. The above rates are calculated upon the index number of wool far last season, the Government Statistician’s. index number being 1,150.

THE SEARCH FOR GOLD WETHERSTONES GOLD MINING COMJANY [?rou Onn Lawrence Correspondent.) As previously announced in the * otar, sue vveuiei sumes uoici Mining s ciaini cioseu clown laso ouuuruay to allow oi cue geopnysical survey .tuen m juogiess ocmg curneu out. 4.n0 closing uov.n, of course, elm not couio as asm pi iso to an -ot .tue company s employees, as tuey got iimeiy nbtiue.br wiiuc was to happen, oome oi tne nanas, nowevei, wnb weie.eugugeu m sinking toe vertical suait —Having omy oeen. m mo company s service 101 two or tureo weeks—were taken a duck; out tne greater uumoer or the men were drawn ifom' cue mcimea tunnel, w aere tliere nacl ooeu an easing oir in operations, ana iiua oeen witu cub couicor several mpntus.aiid naturally aid nob, under , siicu circumstances, view wnat uau happened in an uu- ' favourable ligut, oust now it is not easy tor miners locally to drop into work of a . permanent character, rlie relief turning, pertaps, is not viewed in that light; out tlie experienced miner is mucu happier in spirit and possessed of a more contented mind when he puts m his forty-eight hours a week, with a feeling of succession of such weeks steadily iii view. Hut it is not that class of miner only who lias cause to feel as if he had a grievance in the closing down of tho mine, even though it might be only temporarily. The; business people of Lawrence—all classes, really—are al-ready-beginning to realise what the permanent closing down of the mine would actually mean. When the mine, following its flotation, got to work, with so many ' men employed, the increased weekly business turnover in Lawrence put a new face on things generally, Tlje geophysical survey was not then in contemplation. It is understood that on completion of the survey,the work in the mine—in •tho drive off the inclined tunnel heading north-easterly towards the Golden Crescent ground—will be resumed. It is yet early in the-day to speculate as to whether'the sinking' of the vertical shaft will continue on the present,site or whether a fresh one will be opened up more . to. the eastward. to strike the deepest run of, the cement overlying the main bottom. That, in a-few words, will be decided ns the outcome of the geophysical siirvcy. There is a report in circulation that an: English syndicate has • a kindly inclination towards the acquirement of the Wetherstones Gold Mining Company’s property and that the geophysical survey,. if favourable, will be help-, ,ful'in bringing matters 1 relating thereto to ; a head.

WORKSOP EXTENDED REPORT The dredgemaster of the Worksop Extended Gold Dredging Company Ltd. reported on Monday last that the dredge had commenced dredging, and the bottom of a corner of the paddock that was being taken out had been reached at lift. The plant was running well, and the hdjiistments expected at the.commencing of operations proved; to bo of small account. It was expected to have the paddock opened out and dredging in full swing within a few days. BELL-KILBOUR RETURN The Secretary of the Bell-Kilgour Gold Mining Company Ltd. - advises that' the wash-up for the week ended yesterday amounted to 540 z 9dwt lOgr. SKIPPERS LTD. The following report has been; received from the Skippers mine manager:—The fine weather continues, and the. heaviest frost for some days has been only Bdeg. Paddock work ,is progressing, and, since the drag scoop has been put to work it has' gone ahead much more quickly, and wo are now about sft from the bottom. HEW ZEALAND OPTIONS Mr E. G. Banks (states a Melbourne report) has accepted a seat on the Board of Directors of, New Zealand Gold Options, N.L. Options over reef, dredging, and. sluicing areas in New Zealand have been made available to the company Mr T. J. Shephard, mining engineer, of Melbourne, will leave Sydney for New Zealand on July 20 with Mr John R. Victor,. mining engineer, of. Melbourne, to check bore the Upper Nevis dredging area secured by the company, and to inspect and report on other properties under offer. KING SOLOMON DEEP LEAD The King Solomon return for the past week was 750 z 6dwt.

'■ ADDISON'S FLAT DIVIDEND fPen United Press Association.] WESTPORT, July 27. At a meeting, of the directors of the Addison’s Flat Gold Mining Company this evening a further interim dividend of 8 per cent, was declared, r payable on August 10. An additional £IOO was also placed to reserves. The total dividends since operations were commenced amount to 33 per cent. FRUIT AND PRODUCE Bray Bros. Ltd., Dunedin, report as follows for the week ended to-day:— Not- much milling wheat has been on offer during the past few weeks. An occasional line is submitted from this district to the Wheat Purchase Board, which is now taking over the surplus wheat, as local millers are fully stocked. Growers arc at present experiencing a difficulty in getting lines accepted, the unfavourable weather at the time of harvesting affecting the moisture content of wheat or otherwise reducing its standard of quality. Fortunately, there is only a small surplus in this district, and even if it is not passed for milling it will not affect the fowl wheat market, as stocks of the latter are on the short side. The value of best quality fowl wheat in Dunedin to-day is 3s 6d to 3s 7d per bushel, sacks extra, ex store. The shipping market in Canterbury shows signs of a further improvement, and'sales of fowl wheat have been made at :3s 6d f.0.b., sacks extra, for shipment to the-North Island. Millers’ prices for flour, etc., arc as follow: ; . Flour: 2001 b £l4 2s, ICO’s £l4 17s, 50’s £ls 2s, 25’s £ls 7s. ■ ! Bran, £4 10s per ton. Pollard, £6 per ton. Oatmeal: 2001 b £l9, 2o’s £2l. There has been more inquiry for oats, but sajes are still on the small side. Occasional orders have boon received from the North Island and . also from those merchants w ho ha vs sold for delivery ahead. Values remain unchanged, with A’s worth 2s 4sd to 2s 5d per bushel, f.0.b., a.i., and B’s 3d per bushel less. Stocks in this centre are on the light side. Merchants are not keen sellers, and the market has really fallen into a state where practically no business is going through. Oats held by farmers cannot be purchased at the equivalent shipping values. These are on a basis of Is Bd, sacks extra, on trucks, for A’s, and Is 5d for B’g. ' Chaff meets with a fairly steady inquiry. Consignments have been arriving from both Canterbury and tho surrounding districts. The value of truck loads is £3 15s per ton, sacks extra, ex the truck. Most of the business going through, however, is confined to store lots, and these are realising £4 ss-per ton, sacks extra. Sales of potatoes are still difficult to effect. Ample supplies are held in the stores, and these are being supplemented with supplies from growers in the surrounding districts and also from .South Canterbury. The market, has a weaker tendency, with the value of best freshly-picked lines remaining at £4 per ton, sacks included. Potatoes showing signs of growth are practically unsaleable.

According to reports from the north, supplies of potatoes sent to Auckland are depressing the market there, as these are being sold below shipping parity. Sales have been made as low ns the equivalent to £3 7s 6d por ton, f.0.b., sacks extra, Canterbury ports. The general shipping quotation is, however, on a basis of £3 15s to £3 17s 6d per ton, f.0.b., s.i. _ ; All the seed markets remain steady. There is no quotable change in any of the lines, but the business going through is on the small side. This position is expected to prevail until the spring demand for sowing sets in. At present there is no export demand for any seeds. Stocks of nH varieties are on the small side, and it is icctcd they will he all_ wanted for sn vmg within the dominion.

The market 5s < still heavily sunplied with apples of inferior grade. These are offering •at low rates. Most of the lots coming forward are of the Stunner variety, and there' are odd Tots of Delicious and Jonathans. Cookers are plentiful. ' • ' New Zealand-grown lemons have been in short supply, and higher prices are now being obtained. 1 The market is bare of oranges, and Island-grown are realising high values. The . next shipment of ■ Island oranges will arrive by the Karetu, due in Auckland to-morrow week.' A small lot of Aitiituakfgrown is due to arrive ox the Waipiata' next- week. ■ Several retailers . are. out of stock’s of orange?, and they, were unable at the end of. the week to secure supplies. • . Poorraan oranges are in better supply anti the market is easier. Hananas are in good supply, but sales are slow. A consignment of Tongan-grown arrived on Thursday in perfect condition. The cases were placed in sacks at Auckland, to-prevent the fruit being chilled. Cauliflowers are in better supply. Cabbages are in heavy- supply, li.ettnce are offering in small' lots and bringing good prices._ Other vegetables are fairly plentiful and are selling at low rates. Wholesale prices are as follow; Apples.—Stunners, 4s 6d to _ 6s; Jonathans, 4s 6d to 6s 6d ; Delicious, Ss to 7s* 6d; Cleopatras, wanted, 6s to 7s; Wolseley, 4s to ss. Pears.—Conference, 2s 6d to 3s; Winter Cole, 3s 6d to 4s 6d. Tomatoes.—Local, Is 2d to Is 7d. New Zealand passions, to 14s, New Zealand lemons, wanted, 18s to 245.

Poorman oranges, 7s to 9s 6d. Californian lemons, to 52s 6,c1. Californian valencias, _to 52s 6d. Californian grape fruit, to 40s. Island oranges, 18s to 255. Pineapples, 18s to'2os. Bananas, ripe, to 20s. Cabbages, Is 6d to 2s 6d. Cauliflowers, 3s to; 6s. Carrots, 2s to 3s sugar bag. Cucumbers.—Hothouse,' wanted, 8s to 12s per dozen. Lettuces, Is to Is 6d. Brussel sprouts, 2Jd to 3Jd per lb. Celery, 6s to 9s per dozen. Leeks, 3s' to. 4s. Beetroot, Is per dozen. Potatoes, 4s 6d to 6s per cwt. Onions, £4 10s to £5 per ton. Marrows, 5s to 6s per cwt. Pumpkins, to 9s per cwt. North [slard melons, to 15s per. cwt. Honey.—}lb pats, 3s 6d per dozen; section, to 8s 6d per dozen; 101 b tins. ss; bulk, 4id to qd. Beeswax, Is Id per lb. Fowl wheat, to 4s 6d per bushel. Oats.—A Cartons, 2s 3d; B Cartons, 2s; crushed oats, 9s 6d. Dairy butter, to 7sdper lb. Cheese, 6Jd per lb. Macdonald and Miller’s Gold Medal bacon, lOd to lid. Boneless hams, Is OJd. Lard, 6Jd. Eggs, market rates. Violets. 2s 6d to 3s 6d per dozen. So! de Orr, _ss to 6s per dozen. Cream Narcissi. 4s to 5s per dozen. Paper whites, 3s per dozen.