Commerce, Mining, & Finance

Evening Star, Issue 21819, 7 September 1934, Page 5

Commerce, Mining, & Finance

CROCKERY MANUFACTURE

COMPANY FMNED AT TIMARU {PE* UKTTin Press Association.! TIMARU, September 6. A company was formed in Timaru today with the object of establishing an industry here for the manufacture of all classes of crockeryware. The raw material for producing the goods is being obtained in the Alford Forest district, in the Ashburton County, where, according to the reports of experts, the material for the manufacture of . the goods exists in much greater quantities than anywhere else in New Zealand. It is the intention of the directors to arect works at Timaru on account of the location of the town as a distributing centre by land and sea. Nearly all the capital of the company has been subscribed in South Canterbury. Large quantities of coal suitable for heating the kilns to a high temperature are also available on the property, Ehich has easy access, roads already tying been formed and bridges greeted. RESERVE BANK WEEKLY SUMMARY The Gazette which was issued !ast night contains a statement of the assets and liabilities of .the Reserve Bank of New Zealand as at the close of business on September 3. The statement ht as follows: — LIABILITIES. (1) Paid-up capital ... ... - 0 0 $ . t o o liabilities- 3,551,92013 8 u b-L ... ww.™ * * (c) other - 1 If) Time deposits (6) Liabilities in currencies other than New Zealand (I) Other* 7 liabilities 11,820 0 8 Total ... ... - ... £30,427.482 3 4 ASSETS. *Wa? e Gosr" 4,300,057 10 0 (b> Sterling exchange 24,492.752 12 8 (c' Gold exchange imt sin K B (9) Subsidiary coin 108,510 6 b 08) Discounts—(a) Commercial and agricultural bills (bj Ticasurv and local body bills .. ••• flj) Advances—(a) To State or State undertakings (b) To other public author!ties ** (12) Investments ••• ... ... rtß) Bank buildings orirTm l (li) Other assets • ,6,161 14 1 Total £30,437,483 3 Proportion of reserve (No. 8 less Ko. 6) to notes’ and other demand liabilities 90.57% AUSTRALIAN STOCK EXCHANGES Association—By, Telegraph—Copyright SYDNEY, September £>• Although trading was quiet on the Stock Exchange to-day the investment market was strong, and most of th© leading issues in trading concerns moved in holders’ favour. Placer Development and Bulolo slackened, but Mount Morgan firmed. The giltedged section was neglected. Later sales were:—Bank of New South Wales, £32 2s 6d; Commercial Bank of Sydney, £l7 16s; Commercial Bank of Australia, 16s 3d; Associated News, 23a (pref., 23s 4}d); ' Howard Smith, 16s; Australian Gas (A), £7 17s; Berlei, 31s (pref., 29s 3d); British Tobacco, 37a 7id; Tooths, 25s 9d; Toohey’s, 27s 9d; Australian Glass, 53s 3d: Dunlop Perdriau, 20s 3d; Electrolytic Zinc (pref.), 36s 3d; Burns, Philp, 545; Meggitt’s, 20s 9d; Hume Pipe, 13s; David Jones, 40s 6d; Lustre, 23s 9d; United Provisions, 9s 4d; Meant Morgan, 31s 4}d; Mount Morgan (New Zealand delivery), 30s 6d; Mount Lyell, 20s 3d; Broken Hill Proprietary, 49s 9d; South Broken Hill, 80s; Bulolo Gold, £8 17s 6d; Placer Development, £25 15s. Commonwealth Bonds C4’s), 1938, £lO4 U 6d; 1941, £lO5 17s 6d; 1947, £lO9 10b; 1950, £lO7 17* 6d; 1953, £IOB 17a 6d. MELBOURNE, September 6.. Commercial Bank of Australia (pref.), £9 18s; Goldsbrough, Mort, BOi 6d; British Tobacco, 37s 6d; Australian Glass, 635; Electrolytic Zinc, 27a 7Jd; Mount Lyell, 20s 3d. MEAT EXPORT SITUATION INFERENCE IN LONDON NEXT MONTH [Per United Press Association.) WELLINGTON, September 6. The announcement that the next development in the meat export situatian, as it affected New Zealand, would be a conference in London next month, vraa made by the Prime Minister, Mr Forbes, in an interview to-night. Mr Forbes said it was expected that •H the British Ministers immediately concerned with the recent negotiations would be back in, Ijondon by then, and New Zealand would he represented at the conference by the High Commissioner, Sir James Parr. The necessity for an early definition of the arrangements was stressed by Mr Forbes, who ■aid there was no question of the quota being applied at present, and the proposals in that connection stated in a Press cablegram to-day to be applied to the United States and Argentine did * not affect New Zealand, which was negotiating for a voluntary arrangement. DAIRY PRODUCE A. S. Paterson and Co. Ltd. have received the following cable from London :—Butter: Market slow. New Zealand, 765. 78s; Australian, 73s 6d; 745; Danish firm on increased quota; German, 88s, 90s. Cheese; Quiet. White, 48s 6d; coloured, 45s fid; Canadian, 49s 6d c.i.f. The New Zealand Loan and Mercantile Agency Company Ltd. has received the following cabled advice from its London house, dated the sth instant: —• Butter; 78s to 795; market firm. • Cheese; White, 48s 6d to 495; coliguredg 45s to 46s Gdj. market steady.

SYDNEY WOOL SALES GOOD COMPETITION Press Association—By Telegraph—Copyright SYDNEY, September G. At the wool sales 10,784 bales were offered, and 7,248 sold, while 2,631 were privately disposed of.' Good Japanese competition was well supported by Yorkshire, and to a lesser extent by the Continent. The market .generally was equal to the best rates of the week for all well-grown .wools, but there were some withdrawals of heavy, dusty lines, for which competition was restricted. Greasy merino made to 16d. The average price of new clip wools in the greasy section for the first three days of the week was £l3 3s 8d a bale, or lOd a lb. LONDON WOOL SALES Messrs Dalgety and Co. Ltd. advise having received the following cable from head office, London, dated 6th inst.:—Expect demand fair at some decline on closing rates of last sales. Doubtful about Continent, probably very quiet. Merino may be 5 per cent, lower; skirtings more, and cross-bred 5 to 7i per cent, lower. METAL MARKET Pres* Association—By Telegraph—Copyright LONDON, September 5. The following are the official metal quotations:— Copper.—Standard, £27 18s 9d per ton; forward, £2B 6s 3d. Electrolytic.—Spot, £3l; forward, £3l 10s. Wire bars, £3l 10s. Lead. —Spot, £lO 10s; forward, £lO 15s Spelter,—Spot, £l3 3s’9d; forward, £l3 10s. Tin.—Spot, £228 17s 6d; forward, £227 16s 3d. Rig iron.—Home trade, £3 7s 6d; export, £3 2s fid. Antimony.—British, £44 10s; foreign, £3O 10s. Molydenite, £1 14s 6d per unit. Wolfram, £2 Is. Silver.—Standard, 21 5-8 d per oz; fine, 23 5-16 d. ADDINGTON STOCK SALE FAT SHEEP IN DEMAND At the Addington market on Wednesday there were normal entries in most sections of the stock, and a good sale, particularly for fat sheep and fat cattle. ,§tore Sheep.—The small offering sold, keenly. • s Old ewes and lambs, 12s 9d to 14s 7d, all counted; half-bred two-tboths, to 31s; ewe hoggets, 26s Id; wethers, 21s Id to 22s Id. Fat Sheep.—A ‘ small entry was penned, and there was an advance in values of Is a head. Some outstanding quality sheep were forward from Southland and South Canterbury. There was a keen sale. Values: Extra prime heavy wethers, to 34s 7d; prime heavy, 29s 6d to 325; medium-weight prime, 26s 6d to 295; ordinary, 22s 6d to 265; light, to 225; extra prime heavy ewes, to 31s 7d; prime heavy, 24s 6d to 275; medium-weight prime, 22s to 245; ordinary, 20s to 21a 6d; light, to 19s 6d. Fat Cattle.—There were 405 penned, and a good sale eventuated at last week’s level. A pen of fifteen Manawatu cattle averaged £l3 7s. South Otago and South Canterbury were represented by good lines. Best beef made from 28s 6d to 31s per 1001 b; extra good, to 32s per 1001 b; prime heavy, 25s 6d to 28s per 1001 b; ordinary quality, 22s 6d to 25s per 1001 b; seconds, 19s 6d to 22s per 1001 b; and rough down to 17s 6d per 1001 b. Values: Extra prime heavy steers, to £l4 7s 6d; prime heavy, £ll to £l2 15s; prime medium-weight, £9 15s to £ll 10s; ordinary, £6 15s to-£9 10s; light, to £6 10s; extra prime heifers, to £l2 2s 6d; pritpe, £7 5s to £9 ss; ordinary, £5 5s to £7; light, to £5; extra prime cows, £lO 12s 6d; prime, £7 to £8 15s; ordinary, £5 to £6 10s; light and aged, to £4 ss. Store Cattle.—The entry contained no representative lines. Fat Pigs.—There was a fairly heavy entry, and a succession in the price of pork from last week’s high rates. Values; Choppers, to £6 8s 6d; baconers, 45s 6d to £3 15s 6d (an average price of 4|d to 5Jd a lb) ; porkers. 25s 6d to 41a 6d (an average price of 5d to 54d a 4 b).

THE SEARCH FOR GOLD CROMWELL MIKING NEWS [Fruu Our ConßESi’oxnc.vr.] Mr George Mellor, field superintendent of New Zealand Mining Investments Limited, left Cromwell on Wednesday for the West Coast, and boring operations on the Clutha above Lowburn are to be suspended pending the arrival from Australia this month of the representative of a Home company. A move is being made by the Aotearoa Gold Prospecting Company Ltd. to amalgamate a number of areas on Cromwell Flat, including that held by Bell-Hooper Cromwell Gold Limited, with a view to submitting the various claims to an English company for its consideration as a dredging proposition. The Bell-Hooper Company intends to continue its No. 2 main drive right into the channel, and the general opinion is that with all the development work already done at this mine it should by now be safely demonstrated that the channel only will pay to drive, and even here, as in the case of all fast-flowing rivers, the gold will be patchy. It is, however, confidently believed that there will bo some rich patches where suitable lodgments for gold are encountered in the channel, for it was in such a spot behind a huge boulder that Ritchie Bell and Hooper brothers got 60oz in three dishes of dirt. New Cornish Point Mines are now making excellent progress in the drive east from the cross-cut south. The wash is improving and has tightened considerably; sufficiently so to obviate the necessity of using face boards in the drive—a job that has up to now somewhat impeded progress. Messrs Currie and J. A. Roche, directors of the Bell-Kilgour Gold Mining Company Ltd., were in Cromwell yesterday, and made an inspection of the mine. BRIAN BORU COMPANY Mr F. Siegert, a Christchurch director of the Brian Boru Company, states in reply to a circular published by a section of shareholders criticising the management of the company’s affairs, and extracts from which were published in ‘The Star’ on Tuesday, that the directors have a complete answer to the criticisms contained in the circular. If there were any further charges to be made the directors would like particulars of the same, so that they might have an opportunity of preparing; a reply, which would be submitted to the special meeting of shareholders to be held at Greymouth next Monday. ALEXANDER MINES CLEAN-UP According to a telegram received by the Dunedin Stock Exchange this morning, Alexander Mines clean-up for August from a crushing of 309 tons of ore was 213 ounces of melted gold, and in the cyanide department, 140 tons of sand were treated for 370 z 6dwt; the bullion’s estimated value being £1,750. Concentrates valued at £275 have also been saved. In estimating the above values, gold has been taken at £7 per fine ounce. OPERATIONS AT WAIHI The following information Las been cabled to the London office of the Waihi Gold Mining Company Ltd.:— No. 4 Level.—Martha' lode,_ north branch: We arc now preparing to stope. No. 6 Level.—Martha lode, west; The cross-cut at 800 ft is now out 85ft north-west. No. 6 Level.-—Martha lode, north branch: We are now rising at 151 ft west, and the first 15ft is ore of good grade. The width of the vein is about 18in. No. 7 Lefel. —Martha lode, north branch: We have intersected a leader at 240 ft west, 4in wide and assaying 42s 9d a ton. The course is 291 deg vertical. We have now commenced driving west-north-west on its course. No. 12 Level.—Edward lode: Wo have commenced driving south at approximately 340 ft south of No. 2 shaft. The first 10ft assays 18s 3d a ton. Grand Junction No. 6 Intermediate Level.—Royal lode: Driving east, the next 9ft assays 41s a ton, making a total of 53ft. The reef is disturbed at this point, and the next 13ft, bringing the total to 66ft, assays 19s 3d a ton, the width of the lode being about 4ft. , AUSTRALIAN MARKETS Press Association—By Telegraph—Copyright SYDNEY, September 6. Wheat. —At country sidings, 2s Gd for bagged and 2s 5d for bulk, equivalent to 3s Id for both, ex trucks, Sydney. Potatoes. —Tasmanian, £lO 10s; Victorian, £8 10s. Onions. —Victorian Brown Spanish. £9. Maize.—Yellow, 3s 2d; white, 3s 3d. Flour, £8 15s. Bran, £5. Pollard. £5 ss. ADELAIDE, September 6. Wheat. —Growers’ lots, 3s Id and 3s lid. Flour.—Bakers’ lots, £9. Bran and pollard, £5 ss. Oats. —Algerian, 2s 3d. Barley, 2s 7d. MELBOURNE, September .7. (Received September 7, at 11 a.in.) Wheat, 3s 4d. Flour. £8 15s. Bran, £5. Pollard, £4 ss. Oats, 2s 4fd to 2s sd. Barley.—English, 2s 9d to 3s. Maize, 3s 6d. Onions. —Firmer; £6 15s to £7 2s 6d.