Commerce, Mining, & Finance

Evening Star, Issue 21785, 30 July 1934, Page 7

Commerce, Mining, & Finance

WOOL EXPORT INDUSTRY 30 PER BALE LEVY 3 : . RESEARCH WORK TO POPULARISE PRODUCTS [Vkom Obi Pabliamektaet Reports*.] WELLINGTON, July 30. Calculated to produce a fund of £7,000, the imposition of. a levy of 3d per bale on all wool crown in New Zealand will be proposed in a- Government measure to be presented to the House this week The object of the legislation is to create an organisation which, with the funds at its disposal, will'attend to the overseas marketing requirements of the wool industry, particularly in connection with the statement of the industry’s case in any negotiations, and will co-operate with the British and New Zealand research stations in any schemes for the popularising of wool products, and improvements of quality generally. The proposals are, in addition to a contribution of £3OO that the Government is making this year in conjunction with the other dominions, to a campaign of research and publicity which has been drawn up by the British and dominion authorities after consultation with the experts of the Torndou Research Station at Leeds. The New Zealand organisation which the legislation proposes to establish will preserve the closest contact with the various interests in the United Kingdom which are engaged in work to increase the demand for wool. The pro posals to go before the House are the result of exhaustive investigation by the Department of Scientific and industrial Research, the principal officers of which have been engaged on the matter for the past live years. As far as the application of the levy is concerned, no discrimination will be made between ■ different qualities of fleece.. It will be a flat impost on all wool. The closest interest in the .project has been taken by Mr Forbes, who previously presented the recommendation to the House that steps be taken to reinforce the marketing side of the industry and intensify the demand tor wool . products by comprehensive research and planned publicity. It is his opinion that the future of the wool export industry must be the immediate concern not only of the growers,: but of the Government, and that machinery should exist enabling any objections to quality or preference to be met on an aulhoiirative basis. ELDER SMITH COMPANY The Elder Smith Company, Adelaide, has declared a final dividend of 3$ per cent., payable on September 1, making 6 per cent, for the year ended June 30. BRITISH BANKS Mr J. W. Beaumont Pease, chairman of Lloyd’s Bank Ltd., speaking at a luncheon of the British Engineers’ Association in London, said that the difficulty of the banka; was to-lend money. “ They have so much- money which they cannot use, and they are only toe anxious to lend,” he said. “ They lend to the non-deserving, and they pay, for it; and sometimes they refuse to.lend to the deserving. With all our mistakes, I do'not believe that the politicians are likely to work the banks better than those who are at present doing so. ! Whatever happens to the English banks,” he added/ “ it would be only fair that on our tombstone should be written 1 They kept their trust.’ ” BROKEN HILL SOUTH The Broken Hill South Company has advised the Stock Exchange Association of New Zealand that a dividend of Is 6d per share has been declared, payable at Melbourne on September 15. . METAL MARKED Press Association—By Telegraph—Copyright. LONDON, July 28. The following are the official metal quotations;— Copper.—Standard, £29 per ton; forward, £29 6s IOJd. Electrolytic.—Spot, £32 ss; forward, £32 10s. Wire bars, £32 15s. Lead.—Spot, £lO 17s 6d; forward, £ll Is 3d. Spelter.—Spot, £l3 8s 9d; forward, £l3 12s 6ti. Tin.—Spot, £231 10s; forward, £231 10s. 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, £1 19s 6d. Silver.—Standard, 20fd per oz; fine, 2!|d. • . . ■ . CHICAGO WHEAT MARKET Press Association —By Telegraph—Copyright. NEW YORK, July 28. Chicago wheat: July, 99J cents per bushel; September, 101|; December, 102$; New York, cash 106 J.

THE SEARCH FOR COLD 1 OKARITO RETURN The Okarito return for last week was 320 z 19dwts for 127 hours’ dredging. GILLESPIE'S BEACH WASH-UP The wash-up from Gillespie’s Beach for last, week was 51oz 3dwts for 129$ hours’ dredigng. BRIAN BORU RETURN The Brian Boru dredge last week obtained a return of 20oz 6dwt for 126 hours’ work.—Greymouth Press Association. MAHAKIPAWA RETURN The weekly return of the Mahakipawa Company amounted to 640 z.— Christchurch Press Association. NEVIS SLUICING CLAIMS Work on the Nevis Sluicing claims was carried on until June 30, when severe snowstorms rendered furthei operations this season impossible. Since the company took over on March 1 last a total distance of 107 chains of the water race has been enlarged to carry the full thirty heads of the right. There remains a length 'qf_ about twenty-seven chains for completion next season. The directors and the manager are entirely satisfied with the work that has been done. All points likely to cause trouble have been strengthened by sod and stone walling. All plant on the claim has been secured for . the winter, and the order for the remainder of the plant for the full development of scheme A lias been placed with the contractors. All gear should be ready for transport to the claim as soon as the season opens, and a short time is all that is necessary for the completion of the enlargement of the race and the installation of the plant. In view of the work that has been clone and the short time that the watei has been in the race and available foi sluicing, the gold return of approximately 13oz is a fair indication of the possibilities when the corhplete plant is installed and working full time. FIELDS OF NASEBY AREA At the Wellington Philosophical Society, Mr J. H. Williamson, an officer of the New Zealand Geological Survey, gave an address on ‘ Quartz Lodes of the Naseby Subdivision,' which includes the Maniototo Plains, Naseby, Mount Buster,, and Macraes Flat. The division includes three quartz-mining fields—Hough Ridge (Oturehua), Macraes Flat-Hyde, and Nenthorn. Rough Ridge, first worked in 1868, had been mined intermittently, but the Golden Progress mine was still working, and showing a recovery of over an ounce to the ton. A dozen small mines have worked on the Macraes FlatHyde field, with only four now operating.' At r Nenthorn inefficient management, poor recovery, and high working costs had contributed to the failure of most of the mines, although one lasted about ten years. The field was now abandoned, although early records show that some of the stone yielded three ounces to the ton. The Macraes Flat field was the largest in the subdivision. An incomplete record of Golden Point showed 38,000 tons crushed for 6,200 ounces of gold. Not even an estimate of the production of the othet mines could be given. Macraes Flat field contained scheelite, which was absent from the other two reef systems. RICH WESTERN AUSTRALIAN MINE Ultimately Wiluna Gold Corporation Ltd., Wiluna, Western Australia, is expected to develop into one of the world’s leading gold producers (says the New Zealand ‘Financial Times’). The property embraces an area of 1,168 acres. The throe lodes vary from a few feet up to 80ft in width, and have been developed down to the I,oooft level, while sinking to open up the 1,200 ft horizon is in progress. Developments in ’ depth on * all three lodes are of a most satisfactory nature, and confirm the sanguine opinions of geologists that the lodes are of deep-seated origin, and should persist 1 with values to great depths. Current production is at the rate of approximately 42,000 tons n month. The ore is a difficult one to treat, winch adds considerably to the treatment costs The metallurgical staff is always experimenting with this in view, and results to date give every reason to anticipate with confidence a gradual improvement in extraction in the near future. Every 1 per cent, improvement in extraction at the current rate of production is equivalent to approximately £950 a month output. FOREIGN EXCHANGES (British Official Wireless.) Press Association —By Telegraph—Copyright. RUGBY, July 28. (Received July 30, at noon.) Paris, franc to £1 7615-32 Now York, dollar to £1 5.03:5 Montreal, dollar to £1 4.951 Brussels, belgas to £1 21.49 Geneva, franc to £1 15.44$ Amsterdam, florin to £1 ... ... 7.45 Milan, lire to £1 58 25-52 Berlin, reiclimarkcu to £1 13.03 .Stockholm, kroner to £1 19.39$ Copenhagen, kroner to £1 22.39 a Oslo, kroner to £1 19,90$ Vienna, schilling to £1 27 Prague, kroner to £1 1215-16 Helsingfors, marks to £1 2263 Madrid, peseta to £1 3615-16 Lisbon, escudo to £1 110$ Athens, drachmae to £1 525 Bucharest lei to £1 505 Belgrade, dinars to £1 Warsaw, zlotys to £1 Rio de Janeiro, pence to milreis 4$ Buenos Aires, pence to dollar ... 36$ lontevideo, pence to dollar ... 33y Bombay, pence to rupee 13$ Shanghai, pence to tael 16$ Hongkong, pence to dollar 17| Yokohama, pence to yen 14$ Batavia, florin to £] SYDNEY STOCK EXCHANGE Press Association —By Telegraph—Copyright. SYDNEY, July 28. The early sales on Exchange were;— Bonds, 3$ per cent (1948), £lO3 2s 6d; 4 per cent. (1938), £lO5 13s 9d; 4 per rent. (1941), £lO7 11s 3d ; 4 per cent. (1944), £IOB 10s; 4 per cent. (1957), £lll 17s 6d. Tooth’s, 445; Associated Nows (pref.), 23s 6d; Australian Glass, 47s 6d; Lustre, 23s 3d; Meggitts, 20s IOJd.

* MEAT MARKET

Press Association—By Telegraph—Copyright. LONDON, July 28. (Received July 29, at 8 p.m.) New Zealand Sheep.—Canterbury and North Island selected cross-bred wethers and maiden ewes: 48-561 b ssd; 57-641 b, s|d; 65-721 b, 5$ cl. North Island: 48-561 b; sscl; 57-C-41cl, sid ; 65-721 b, ssd. North Island ewes: Under 481 b, 4sd; 48-641 b, 3Jd; 65-721 b, 3|d. Australian Sheep.—First quality cross-bred and/or merino weathers: 40-651 b, 4sd. Second quality: 30-551 b, 4gd. Ewes: 30-551 b, 4sd. Argentine Sheep.—First quality cross-bred wethers; 48-641 b, 6d ; 65-721 b, 4gd. Patagonian Sheep.—Wethers and/or maiden ewes: Under 501 b, 4sd; 50-601 b, 4j|d. Argentine Lambs. —First quality: 361 b and under, 7d. Patagonian Lambs.—First quality: 361 b and under, 6Jd; 37-421 b, 6j|d. Second quality: Average' about 301 b, 6Jd. - New Zealand Lambs. —Canterbury: First quality—36lb and under, 7sd; 37-421 b, 6§d; 43-SOlb, Gsd. Other South Island; 361 b and under, 7sd; 37-421 b, 6Jd; 43-50Ib, 6|d. Selected North Island, including Downs; 361 b and under, 7«d; 37-421 b, 6gd ; 43-501 b, 6Jd Second quality: average about 321 b. 7d. Other North Island: First quality, 361 b and under, 7d; 37-421 b, 6|d. Second quality: average about 321 b, 6scl. . , ' . Australian Lambs.—Victorian; hirst quality. 361 b and under, 6-^d; 37-421 b, 6Jd. "Other States: First quality, 36ib and under, 6|d; 37-421 b, 6sd. Second quality: 361 b and under, 6id. All States: Third quality, average about 261 b, 7sd f ■ New Zealand Frozen Beef.—Ox fores (160-2201 b), 2d; ox hinds (160-2201 b), 3d. Australian Frozen Beef.—Ox hinds (1601 b and under), 3sd; ox hinds (over 160 lb), 3|d; Ox crops (1001 b and under), 2sd; Ox crops (over 1001 b), 2Jd. Argentine Chilled Beef.—Ox fores (160-2201 b), 2|d; ox hinds (160-2201 b), 55d. ’ New Zealand Pigs.—First quality: 60-801 b, Sgd; 81-1001 b, ssd; 101-1201 b, old. Australian . Pigs.—First quality; 80-1001 b (average about 801 b), s|d; 101-1201 b, Bid. BANK OF N.S.W. INTERIM QUARTERLY DIVIDEND The Wellington manager of the Bank of New South Wales advised the Dunedin Stock Exchange this morning that an interim quarterly dividend has been declared of os per share in Australian currency at date of payment and will be payable at head office on August 29 and at branches on receipt of advice. Transfer books close on August 13. ■ COTTON, RUBBER, ETC. Press Association—By Telegraph—Copyright. LONDON, July 28. Friday’s closing prices were as follow : Cotton: Spot, 6.97 d per lb; August, 6.77 d. Rubber; Para. ssd; plantation smoked, 7d. Jute : July-.August,' £l4 3s lid. Copra: August-September South Sea, £7 17s 6d; smoked, £6 12s 6d; plantation Rabaul. £8 15s. Linseed oil, £22. Turpentine, 41s 9d.