Commerce, Mining, Finance

Evening Star, Issue 21820, 8 September 1934, Page 11

Commerce, Mining, Finance

AUSTRALIAN STOCK EXCHANGES press Association— By Telegraph—Copyright. SYDNEY, September 7. On the Stock Exchange the recent strength for all the leading Australian industrial trading shares was fully maintained. Later sales were : Bank of New South Wales, £32 2s 6d; Commercial Bank of Sydney, £l7 16s ; Commercial Bank of Australia, 16s 4!d: National Bank (£5 paid), £6 6s: United Insurance, £11; Colonial Sugar, £66 12s 6d; British Tobacco, 37s 9d; Tooth’s, 465; Toohey’s. 28s 3d; 'Hume Pipe, 13s 8d; Amalgamated Textiles, 12s Cd; Drug Houses of Australia, 20s 9d; W. R. Carpenter, 40s Cd; .Australian Glass, 53s 3d; Dunlop Perdriau. 20s 6d; Anthony Hordern, 14s ml;'Mount Morgan,'32s IJ-d; Broken Hill Proprietary (New Zealand delivery), 49s lOUl; Rawang Jin, 9s 2d; Placer Development, £26. MELBOURNE, September 7. ; North Broken Hill; £5; Mount jEyell, 20s 3d. FLOUR WAR FURTHER REDUCTION IN PRICE [Per Usited Press Association. 1 CHRISTCHURCH, September 7. The second reduction in the price of flour in the last three weeks has been made by Distributors Ltd., this move being a‘further step in the war between the mills associated with Distributors Ltd. and those known as free mills. The reduction is 10s a ton on sack lots, the previous one having been 10s on Sack lots and 20s on smaller packings. The reduction will not affect the price of bread. .. . The reason for the reduction is stated to be that the established mills have for some time found it difficult to withstand the increased competition of the free mills. At the new price of flour it is said that the millers will make much reduced profits or even no profits at all, hilt it is stated that the bigger mills are determined to carry on even at a loss until they have regained control of the situation. The bakers will benefit by the reduction. They say they have been operating on very narrow margins and that a reduction of £1 per ton on flour will give them a profit of which the price cutting in trade has for some time deprived them.

KAIAPOI WOOLLEN COMPANY HIGHEST PROFIT FOR FOUR YEARS [Per United Press Association,! CHRISTCHURCH. September 7. The annual meeting of the Ivaiapoi Woollen Company was held to-day. '.I he chairman of directors ;Mr Arnaud M'Kcllar) said the result of the year’s operations had yielded a higher profit than for four years, and the main contributing factor had been a further consolidation in the company’s organisation. The indebtedness to the bank was only £38,323, which was £20,000 less than tiic previous year, and just over oiio-third of what it was two years ano. The stocks were £13.01)0 less than last year, £38.000 less than two years ago, ami £83,000 loss than three years ago. While the turnover had been steadilv decreasing, the expenses had been further reduced, and would have been lower but for the national advertising campaign, which, however, had been fully justified by results. The report arid balance-sheet were adopted. ~ Several speakers congratulated trie directors on having brought the company' through the difficult times sucCC H. Clark and Mr A, F. Carey were elected directors unopposed, and Mr W. S. Newburgh was elected auditor. ' METAL MARKET Press Association—By Telegraph—Copyright LONDON, September 6. The following are the official metal quotations: — Copper.—Standard, £2B 0s 7,jd per ton; forward, £2B 8s 9d. Electrolytic.—Spot, £3l; forward, 1 f)q Wire'bars, £3l 10s. Lead.— Spot, £lO 8s 9d; forward, £lO 15s Spelter.—Spot, £l3 Is 3d; forward, £l3 7s 6d. , „ , Tin.—Spot, £329 6s 3d; forward, £228 6s 3d. p .. Pig iron.—Home trade, £3 is ocl; export, £3 2s 6d. , Antimony, British, £44 10s; foreign, £3O 10s. . Molybdenite. £1 14s 6d per unit. Wolfram, £2 Is. Silver.—Standard, 21 13-16 d per oz; fine, 23 9-16 d.

THE SEARCH FOR GOLD THE GOLDFIELDS DREDGE The secretary of the Goldfields Dredging Company Ltd., reports that the return for the week ended September 7 was 7oz odwt for 132 hours’ dredging. BELL-KILGOUR RETURN The secretary of the Bell-Kilgour Gold Mining Company Ltd., advises that the wash-up for the week' ended September 7 amounted to 13oz sdwt. WAITAHU MINING COMPANY The secretaries of the Waitalm Gold Mining Company Limited, report that telegraphic advice has now been received from the manager stating that sluicing was resumed on Thursday afternoon. Sluicing operations had been stopped on August 20 owing to a break in the race caused by a cloud burst. This break has now been flumed to enable sluicing to be resumed. CHARLESTON RETURN The Charleston Sluicing Company’s return was 18oz 4dwt 3grs for twentythree shifts for the fortnight ending today.—Westport Press Association. A NEW COMPANY The prospectus of Scorpion Gold Ltd., which has acquired a sliucing area near Kararaea, West Coast, has been issued. The capital is £IO,OOO, of which £5,000 in 100,000 shares of Is each is offered to the public. KING SOLOMON RETURN The return for the week at the King Solomon mine amounted to oloz 7dwt. BUTTER AND CHEESE MINIMA [Pee United Press Association.] WELLINGTON, September 8. The Dairy Board has fixed minimum prices for f.o.b. and c.i.f. sales on the basis of butter BJd f.0.b., and cheese 5d f.0.b., these to run till Friday night. ODLLAR AND FRANC Press Association—By Telegraph—Copyright LONDON, September 7. (Received September 8, at 10 a.m.) The dollar is quoted at 4.99 15-1 G and the franc at 74 7-8. PRICE OF GOLD Press Association—By Telegraph—Copyright LONDON, September 7. (Received September 8, at 10 a.m.) Fine gold is quoted at £7 0s 91d per