Commerce, Mining, & Finance

Evening Star, Issue 21823, 12 September 1934, Page 7

Commerce, Mining, & Finance

METAL MARKET I Preti Asiociition —By Telegraph—Copyright. LONDON, September 10. . The following are the official metal quotations:— Copper: Standard, £27 8s 9d per ton: forward, £27 6s 10id. Electrolytic: Spot, £3O 10s; forward, £3l* Wire bars, £3l. Lead: Spot, £lO 3s 9d; forward, £lO 10s. Spelter: Spot, £l2 13s 9d; forward, £l2 18s 9d. Tin: Spot, £229 2s fid; forward £227 ss. ' , % Pig iron: Home trade, £3 7s fid; export, £3 2s 6d. Antimony: British, £44 10s: foreign, £3l. Molybdenite, £1 14s 6d per unit. Wolfram, £2 Is 6d. Silver: Standard, 21 13-16 d per oz; fine, 23 9-16 d. AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright. SYDNEY, September 11. To-day’s operations on the Stock Exchange were the heaviest recorded for some weeks. All_ sections except banks were very active. The giltedged market was stronger than usual, with retail trading shares firmer. Later sales were as follow:—Commercial Bank of Sydney, £l7 16s; Queensland National Bank, £5 7s 6d: Colonial Sugar, £66 los; Associated News, 23s 9d (pref., 23s 9d).; Adelaide Steam' (ex div.), 26s 6d; Burns, Philp, 55s 6d: Australian Gas (A), £7 18s 6d; British Tobacco, 38s 3d; Tooth’s, 475; Toohey’s, 295; Australian Glass, 63s 3d (pref., 395) ; Dunlop Perdriau, 20s 4Jd; Goldsbrough, Mort, 30s 9d; Wilcox, Mofßin, 12s; Greater J. D. .Williams, 7s Id; David Jones, 40s 9d; Anthony Hordern ; 14s lid; Lustre Hosierys, 245; Standard Cement, 19s; Wunderlich, 235; Newcastle Gas (C), 13s 3d; General Industries, 12s 9d; Mount Morgan, 35s 4Jd; Broken Hill Proprietary, 50s; South Broken Hill. 77s 5 BuJolo Gold, .£8 17s; Bulolo Deposits, lOd; Rawang Tin, 9s 2d ; Larut, 13s lOd; Placer Development, £26 ss; Euratha Gold, 10s lOd. Commonwealth Bonds (4 per cents.): 1938, £lO4 17s 6d; 1941, £lO6 ss; 1944, £IOB Is 3d; 1947, £lO9 12s 6d; 1950, £IOB 10s; 1953, £lO9 ss; 1955, £IOB 15s; 1957, £lO9 ss; 1959, £lO9 15s; 1961, £llO. MELBOURNE, September 11. Commercial Bank of Sydney, £l7 los; National Bank (£5 paid), £6 10s; Electrolytic Zinc, 27s (pref., 35s IJd); Commercial Bank of Australia, 17s 6d; Goldsbrough. Mort, 30s 9d: Mount Lyell, 20s 3d. LONDON WOOL SALES Press Association—By Telegraph—Copyright. LONDON, September 11. . (Received Sept. .12, at 10 a.m.) The-wool available for the sales on September 18 is 231,000 bales, including 85,500 new arrivals, of which 41,500 are Australian and 43,500 New Zealand. The offerings will probably total 126,500 hales. LONDON STOCK EXCHANGE Press Association—By Telegraph—Copy right. LONDON, September 11. ’(Received September 12, at 10 a.m.) Bank of Australasia, £9; Bank of New South Wales, £25; Union Bank of Australia. £7 Is 3d; National Bank of New Zealand, 57s 6d; Bank of New Zealand shares. 44s lOJd; Loan and Mercantile, £BS (ex div.); ordinary stock, £4l 18s 9d.

QUOTA BOGEY MEAT BOARD CHAIRMAN OPTIMISTIC [Pee United Press Association.] CHRISTCHURCH, September 11. New Zealand producers had no need yet to be pessimistic when considering quotas, said Mr David Jones, chairman of the Meat Producers’ Board, addressing a meeting of farmers at Cheviot this evening. Mr Jones described the recent meat trade legislation passed in the Argentine, indicating the nature of the control which might be necessary in New Zealand if quotas were imposed. This legislation gave wide powers to a board to control not only the meat exported, but for local consumption. The New Zealand Meat Producers’ Board had made very determined efforts to secure for the pig products of the dominion a larger share of the British markets, and unless the board succeeded the dominion was likely in a .short time to meet the same position as had to be met in Denmark and Holland. The only really serious problem New Zealand had to meet was iu the beef exports. It was not generally understood that Great Britain produced more than half the beef she consumed. If a levy were to bo made on imported beef to raise the prjee of cattle to the British farmer the levy would have to he made substantial. He did not think a levy would be a solution of the difficulty, and New Zealand could most definitely not agree to it. Mr Jones said it was a misconception to imagine that the quotas being discussed were the result of the Ottawa Conference. Ottawa established the principle of the quota because Great Britain made it abundantly clear that she could not allow the whole of the world’s surplus of meat to be dumped on her markets to the ruin of her farmers. 'Fortunately, the reductions r—and they were very substantial—had been made almost entirely at the expense of the foreigner. If there were no Ottawa agreement Britain would, no doubt, already have made drastic regulations, but New Zealand had a great safeguard till the term of the agreement expired. PROGRESS IN TIN RESEARCH ASSISTANCE TO INDUSTRY The first general report of the International Tin Research and Develop- 1 ment Council, just issued, describes the organisation and progress of this body which was established by the Governments and tin producers of the principal countries exporting the metal. One of the chief objects has been to ' plan a research and development pro- , gramme to assist industries which use tin in their manufacturing processes, and at the same time to conduct fundamental researches in order to develop new outlets for the metal. The council has organised and is directing researches on basic problems relating to major applications of tin which they have delegated to university, Government, and industrial laboratories. Centralisation of research work has been avoided as far as possible in order to meet more adequately the special requirements of tin-consum-ing industries iu the various countries. This work has so far been distributed in England, France, Germany, Holland, and the United States. Among the applications of tin covered by the researches are: Tinplate, bearing metals, preparations of alloys from powered metals, solders and other lead-tin alloys, bronzes, addition of other elements to tin, hot-tinning of cast-iron, steel, copper, etc.; electrodeposition of tin and tin alloys, anodic oxidation and colouring of tin, spraying of tin, pewter, collapsible tubes, tin foil, block tin pipe, tin in steel and nickel alloys, tin compounds. Progress has been made iu all these researches whilst in some important directions results have already been obtained which promise to have a definite influence in improving products containing tin. Several new uses for tin are mentioned in the report. A new dry electrical accumulator, in which tin forms one of the electrodes, is described, and the application of tin compounds is indicated for a number of new industrial uses. The report describes the wide service which the council’s organisation has been able to render in the supply of technical information to manufacturers and scientific investigators in many countries, a special bureau of technical information having been established for this purpose and lor the publication of the results of research and development. The council has established an office at The Hague for the collation of statistics, which are published in a monthly bulletin, and an office in New York, where an Advisory Committee lias also been formed to assist in •maintaining contact with consumers in America. DAIRY PRODUCE The South Island Dairy Association has received the following market report from London : —Butter: Quiet; finest. 77s to 78s; third, 75s to 765; Danish, 109 s. Cheese: Quiet; white, 48s; coloured, 455. STOCK SALES BEST PRICES IN YEARS [Per United Press Association.] HAMILTON, September 12. Perhaps the host sale recorded iu the Waikato district for many years was held at Frankton yesterday, when all markets showed a decided increase on late quotations. Ox beef sold up to 28s per 1001 b, in some cases up to 30s, four animals selling for £l2 7s 6d each, the best price obtained for beef in some years. A rise was also noticeable in cow beef, which made up to 25s per 1001 b. the top price being £lO 14s—also a record. Prime fat wethers increased to 31s 6d, heavy fat ewes to 27s 6d. First spring lambs made 365. DOLLAR AND FRANC Press Association —By Telegraph— Copyright LONDON, September 11. The dollar is quoted at 5.00[ and the franc at 75£.

RABBITSKIN SALE The Dunedin Stock Agents and Woolbrokers’ Association reports as follows; Large catalogues were forward for yesterday’s sale, and there was again a very keen demand for_ all grades of winter bucks on American account. These can be quoted firm to 3d higher, the advance being on spotted sorts. There was a fair demand for does, which sold at par to 2d lower, and all other sorts were on an average Id lower. The following is the range of prices:—Summer broken, 7£d to B[d; autumn broken, 13[d to 132c1; second winter broken, 17d to 17id; first winter broken, 18d to 21£d; runners, 7id to Bid; summers, Bid to 9d; small, 4d to 4|d; light racks, 12d to 12Jd; prime racks, to 12-id; dawny autumn, 12d to 133 d; early autumn, 161 cl to 17d; late autumn, 24d to 26£d; second incoming, 24d to 26d; incoming winter, 35d to 40d; early winter bucks, 52d to 58d; early winter does, 22d to 26|d; first spotted winters—bucks 47d to 52c1, does 20d to 23d; second winter bucks, Old to 65d; second winter does, 24d to 29Jd; first winter bucks, 70d to 73d; first winter does, 29d to 33id; prime bucks, 73Jd to 74d; prime does, 39d to 40id; outgoing—bucks 40d to 45d, does 17d to 17|d; springs—-bucks 23d to 30 Jd; does 13d to 14d; milky, 83d to 14d; fawn, lOd to 12d; winter fawn, 22d to 24d; summer black, 6d to 8d; autumn black, lOd to 14d; first winter black, 18d to 26d; second winter black, 14d to 20d; hareskins, 4d to 8d; horsehair, 12d.

THE SEARCH FCR COLD SENSATION IN CROMWELL Rather a sensation in mining circles was created yesterday by the Tiling in the Warden’s 'Court, Cromwell, of a forfeiture suit against the Molyneux Gold Mining Company Ltd. The complainant is Mr Jas. Samuel Burrows, of Dunedin, a miner, and the claim concerned is approximately twelve miles of the Molyneux River from about halfway house, in the Clyde-Cromwell Gorge, down to Alexandra. Mr J. C. Parcell (solicitor), who filed the suit for Mr Burrows, stated yesterday that it was alleged that the company had abandoned its areas by operation of law.—Cromwell correspondent. GLEHROY WASH-UP The secretary of Glenroy Gold Ltd. reports that a preliminary wash-up was held at the week-end for 28oz of gold. A large proportion of the area treated was barren ground, including the tailings from old workings. EXPDRT OF CHILLED BEEF REGULAR MONTHLY SHIPMENTS (Per United Press Association.] MASTERTON, September 11. Regular monthly shipments of chilled beef are to be made from the Waingawa works by Messrs T. Borthwick and Sons Ltd. A shipment of about 300 quarters will be made this week, the meat being drawn from the Manawatu and Hawke’s Bay districts, it will be killed and chilled at Waingawa. Mr P. J. Borthwick spoke very optimistically to-day regarding the possibility of fostering a commercially successful trade, in chilled beef. *■" PRICE OF GOLD Press Association—By Telegraph—Copyright LONDON, September 11. (Received Sept. 12, at 10 a.m.) Line gold is quoted at £7 Os 3£d par oz.