Commerce, Mining, & Finance

Evening Star, Issue 21824, 13 September 1934, Page 7

Commerce, Mining, & Finance

ORANGES RUSHED AUCKLAND SHORTAGE RELIEVED MORE REASONABLE PRICES [Spicixl to the ‘ Star.’] AUCKLAND, September 12. No part of the cargo landed by the motor ship Wanganella on her arrival from Sydney this morning was more welcome in Auckland than the 11,000 cases of ,South Australian oranges which she brought. Oranges have been scarce in Auckland during the past week. Retailers bid as much as 42s do a case for the last of the wholesale stocks, and offered the fruit to the public' at correspondingly high prices, which have led to much complaint. “ The importers have no control over ' the retail prices of fruit, though they get a lot of the blame,” stated a member of one of the marketing firms this morning. “ The fruit is sold by public auction, and if the buyers bid , high prices competing for fruit of which only a small quantity is available—well, they fix the price. It i« purely and simply a question of supply and demand, though, of course, the supply of oranges is restricted by the Government.” As fast as they were landed at the Princes’ wharf, the cases of oranges out of the Wanganella were divided up among the four linns that are auctioning them. There had been talk of the formation of a “ ring ” among the <- i buyers pledged not to bid above certain prices for the various lines, and a price fist had been circulated, but when selling started-about 11 o’clock at the city markets, competition was keen, the - .fruit fetching- from 16s to 24s a case. It is not known when the next ship--ment of oranges will arrive from Australia, the Government having given no intimation of what its intentions are, but for a little while oranges will be available to the public at prices rather more reasonable than they have been during the shortage. COAL INDUSTRY DIFFICULTIES LOSSES OF WAIKATO COMPANIES • [Special to the * Stak.’] AUCKLAND, September 12. Fresh’ reports of operations by leading Waikato coal' companies continue ■ to emphasise the difficulties which confront the'industry. The old-established , Taupiri Company, which closed its year on March 31, disclosed a loss on the ■ year’s trading of over £12,000, and -- Glen Afton, despite a very heavy turnover, showed over £15,000 to the debit of the profit and loss account. Pukemiro accounts, which are now available, show a loss, after allowing for depreciation, of over £5,000. Renown ' Collieries report a profit of £662 for the year, but no provision has been made for depreciation. At the same time the directors of, the latter company are putting forward a proposal to write off £48,000, so as to dispose of accumulated losses and bring the capital into line with the present position of the assets. At the annual meeting of the New Zealand Co-operative Dairy Company, Mr William Goodfellow, in referring to the chaotic condition of the Waikato coal industry, suggested , that one selling organisation for the whole of the companies should be formed in order to deal profitably with the combined output. SYDNEY WOOL SALES MARKET UNCHANGED Pr«M AHOciation—By Telegraph— Copyright. . SYDNEY, ' September 12. At the wool sales to-day 5,971 hales were offered and 5,132 sold, while 939 were disposed of privately. The market was without change, with Japan, Yorkshire, and the Continent the chief bidders. Greasy merino fleece sold to 16Jd for five hales from Gloucester and 17d from Tumut. METAL MARKET Pre*« Association—By Telegraph—Copyright. LONDON, September 11. The following are the official metal quotations:— Copper.—Standard, £27 6s lOjd per tonforward, £27 13s li'd. Electrolytic.—Spot, £3O 10s; forward, £3O 15s. Wire bars, £3O los. Lead.—Spot, £10: forward, £lO 7s 6d. Spelter.—Spot, £l2 11s 3d; forward, £l2 15s. Tin.—Spot, £228 2s 6d; forward, £226 8s 9d. Pig Iron.—Home trade, £3 7s 6d; export, £3 2s 6d. Antimony.—British, £44 10s; foreign, £3l. Molybdenite. £1 14s 6d per unit. Wolfram, £2 Is 6d. Silver.^—Standard, 2lsd per oz; fine, 23id.

AUSTRALIAN STOCK EXCHANGES Press Association —By Telegraph—Copyright * SYDNEY, September 12. On the Stock Exchange classified shares were quoted firmly, but there was some irregularity in the gold share market, Commonwealth Bonds attracting more attention. Later sales were as follow :—Bank of New South Wales, £32 5s ; Commercial Bank of Australia, i 10.U1: Colonial Sugar, £66 17s 6d; cd Insurance, £lO 15s; Associated . s, 245; Howard Smith, 16s; Brit.. . Tobacco, 38s 6d; Tooth’s, 465; Toohey’s, 295; Goldsbrough, Mort, 30s 7-ld; Winchcombe, Carson, 29s 3d; Wilcox, Moffliu, 11s lOd; Fairymead Sugar, 375; Electrolytic Zinc, 27s 11 d; Anthony' Hordern, 15s; Standard Cement, 19s; Pitt, Sou, and Badgery, 425; Mount Morgan, 34s 4jd; Broken Hill Proprietary, 50s; Rawang Tin, 9s Id; Placer Development, £26 9s; Eurntha Gold, 10s 6d. MELBOURNE, September 12. Commercial Bank of Australia, 18s 2d; E.S. and A. Bank, £5 7s; Dunlop Perdriau. 20s 4d; ‘ Herald and Weekly Times,’ 52s 6d; Mount Lyell, 20s 3d; Tongkah Compound, 275. AN INVERCARGILL LOAN Invercargill has raised locally a loan of £7,000 at 3i' per cent.—Press Association. THE QUOTA RESTRICTION APPLICATION FOR REMOVAL [Pwa United Press Association.] WELLINGTON, September 12. Application for the removal of the quota on South Australian oranges was made by a deputation of fruit retailers which waited upon the Minister of Customs to-day. Mr Coates said he conjd not give a definite answer to the deputation until after the Australian elections’on Saturday. The whole matter hinged on them, he added. He would certainly go into the question of the price.—Press Association. ADDINGTON STOCK MARKET . Average-sized, yardings were forward at yesterday’s Addington market except in the fat sheep section, in which there was an over supply'. This department recorded an easing of Is to Is 6d per head, but all other sections maintained late rates. Store sheep were in small entry, and hoggets predominated. For these there was a 1 keen sale, ewe hoggets making to 26s and wethers to 20s 7d. Adult wethers sold to 22s 6d, andiold ewes and lambs to 10s Hd. Fat Sheep.—There were 6,000 penned, compared with 3,000 at the preceding sale. Hoggets which were sold at the beginning of the sale recorded a drop, but adult sheep sold well considering the heavy entry. A big representation of South Otago and Southland sheep was penned, and a proportion was passed. Extra prime heavy wethers brought to 32s lOd; prime heavy, 29s to 31s; prime medium-weight, 25s 6d to 28s; ordinary, 21s Od to 255; light, to 21s; extra prime heavy owes, to 295; prime heavy, 23s to 26s 6d; prime medium-weight, 21s 6d to 22s 6d; ordinary, 18s 6d to 21s; light, to 18s. Fat Cattle.—Four hundred and ten were penned, including 70 irom South Otago and some truck lots from South Canterbury. Values were from par to 10s better than last week. Best baof made from 29s 6d to 31s; extra, to 32s 6d per 1001 b; prime heavy, 26s to 29s ; ordinary, 22s 6d to 25s 6d; secondary, , 20s to 225; and rough, down to 18s Od ; extra prime heavy steers, to £l4 17s 6d; prime heavy, £ll 5s to £l3 ss; prime medium-weight, £lO to £ll 10s; ordinary, £7 to £9 10s; light, to £6 15s; extra prime heifers, to £lO 12s 6d; prime, £7 5s to £9 10s; medium, £5 15s to £7; light, to £5 ss; extra prime cows, to £lO ss; prime, £7 to £9; medium. £5 6s to £6 15s; light and aged, £3 10s to £4 15s. _ , Store Cattle.—Young steers were in demand by graziers at up to £6 3s 6d. Other sorts were neglected. Fat Pigs.—There was a keen sale. Droppers brought £2 to £5 3s 6d; baconers, 45s 6d to £3 13s 6d (average price per lb, 5Jd to 5Jd) ; porkers, 24s 6d to £2 Is 6d (average price per lb, 51d to 6d). NEW GUINEA GOLD SHARES Pres* Association—By Telegraph—Copyright LONDON, September 12. (Received September 13, at 10 a.m.) New Guinea Gold shares are quoted at 5s s|d. PRICE OF GOLD Press Association—By Telegraph—Copyright. LONDON, September 12. (Received September 13, at 10 a!in.] Fine gold is quoted at £7 0s SJ-tl per oz. TALLOW MARKET 1 Press Association—By Telegraph—Copyright. LONDON, September 12. (Received September 13, at 11 a.m.) At the tallow sales 1,444 casks were offered and 1,090 sold at Od to Is advance. Mutton; Fine, 22s 6d; medium, 18s 6d. Beef: Fine, 21s; medium, 18s. Stock, 3,014; imports, 1,546; deliveries, 896. | — j SHARP RISE IN STOCK PRICES Perhaps the best sale recorded in the Waikato district for many’ years was held at Frankton on Tuesday’, when all markets showed a decided increase on late quotations. Ox beef sold up to 28s per 1001 b, in some eases up J to 30s, four animals selling for £l2 7.s (Id each, the best price obtained for 1 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 Lis—also a record. Prime fat wethers increased to 31s 6d. heavy fat ewes to 27s 6d. First spring- lambs made 36s.—Hamilton Press "Association. j.

COLOMBO TEA SALES Mr L. M. Wright has received the following cabled report on the Colombo tea auction of September 11 :—Owing to the tea trade holiday,, there was no sale last. week. At yesterday’s auction common, medium, and fine teas were slightly easier, mainly owing to larger sale, quality of offerings being attractive. Next week’s auction is catalogued for 2,305,0001 b. DOLLAR AND FRANC Press Association—By Telegraph—Copyright. LONDON, September 12. (Received September 13, at 11 a.m.) The dollar is quoted at 5.01 and the franc at 75 1-16. LONDON TALLOW MARKET 4'he Bank of New Zealand has received the following advice from its London Office under date 12th inst.;— There is a good demand. Current quotations are:—Good mutton, 21s to 21s 6d per ewi; good beef, 19s 9d to 20s ; good mixed, 19s 9d to 20s; gut, 16s to 17s. • DAIRY PRODUCE ( The New Zealand Loan and Mercantile Agency Co., Ltd., has received the following cabled advice from its London house, dated 12st instant:-—Butter (including stored], 74s to 775. Cheese: White, 475, 47s 6d; coloured, 455; market slow. BUTTER MARKET SALES IN GREAT BRITAIN

A suggestion that the “ patting ” of New Zealand butter on the English market should be extended was made by Mr j. Parlane, president of the Canterbury Herd-testing Association, at the annual meeting held last week. Mr Parlane said that the £33,000 spent by file New Zealand Dairy’ Produce Board on advertising during the last season would have given a greater return had attention been turned to better means than window displays for placing the New Zealand product before the British public. If the authorities distributed New Zealand butter in attractive pats of a pound and half a pound it would he of more value. It had been said that the English people liked butter out of a barrel, but that was no longer so. MOUNT ISA The Pearl Assurance Company’, London. is taking up the £500,000 worth of 4J per cent, sterling debentures issued by Mount Isa (Queensland) at par with a five-year currency. On the reconmiendaion of its Bureau of Industry the Queensland Government lias guaranteed both principal and interest. The money is to be used to develop and treat, sulphide ores containing zinc as well as lead and carrying high silver values. BROKEN HILL i MINING AND STEEL At the Broken Hill Proprietary Ltd. annual meeting of shareholders, the chairman (Mr H. G. Darling) said that the figures reflected the most prosperous state of aff airs -for many years. Business was improving, and given sound government and average seasons, wih better prices for pastoral and agricultural products, the company could look forward with confidence.

The additional earnings, he said, were due principally to increased demand for products of the company following on the broadening of the range of manufacture, one notable example being plates. Increased output was followed by far better operating costs in all departments. Great progress had been made in the efficiency of by-product plants during the past few years. To meet the reduction in values which were not covered by ordinary depreciation the board had transferred £200.000 from the appropriation account for the writing down of values. Many further properties have been investigated for gold mining. At tbc Macquarie River the company expects to be in a position during the current financial year to determine whether the lead contains gold in sufficient quantities to permit of exploitation. Steel ingot production for the year exceeded that of the previous period by nearly 100.000 tons. The demand for heavy steel products had been steadily increasing. Much construction work had been going on, and would continue into 1935. Production at Iron Knob was considerably in excess of that for I the previous year. Record shipments I wore in prospect for the balance of the calendar year. The establishment of the tin plate industry was under review. j WESTLAND BREWERIES The accounts of Westland Breweries, .Limited, for the year ended .lime 30, show a net profit of £1,277, compared with £1,024 earned in the previous year, and £7Ol in 1931-32. No dividend is recommended, none having been paid in the past three years. Profit and loss appropriation account now shows a credit balance of £3,768. The company has a paid capital of £31.405. and has issued £19,250 in 8 per cent, debentures.

THE SEARCH FOR GOLD THE BELL-HOOPER MIKE Tho following report for tlie week ended September 7 lias been received from the Bell-Hooper Cromwell Gold Ltd.:— No. 1 Mine Area.—Block A; One hundred and thirty-one square loot of bottom was cleaned up in this block tor payable gold. Block Q: Blocking out on the south side of the west crossdrive was temporarily stopped, due to the No. 2 bin being full, with tho washing plant out of commission. An area of 73) square feet was cleaned up lor payable gold. Several large boulders wore mot with, which delayed progress. Block S; Tho men from Q block were moved to S block in the middle of the period, and 52 square feet of bottom was cleaned up for fair gold. The wash from this face was treated in No. 1 plant. No. 2 Mine Area. —No. 3 A north drive: This drive was started during the period to prospect the lead to the eastward of No. 3 north. This drive is 16ft cast of No. 3 north centre to centre. It was advanced 20Jft; total, 20) ft from the west cross-drive. From Oft to 10ft north no values were obtained. From 10ft to face payable values were obtained, but they were not high. No. 4 north drive: This drive was advanced 16.1 ft; total 17411 from the west cross-drive. Only traces of gold were obtained, and there was no change in the nature of the wash obtained. The bottom dipped at 160 ft north from the level of the can of the timber set to halfway to the floor, indicating the presence of a channel in the wider channel of the main streain bed. Large boulders are embedded in gravels, which impede progress. Some water is percolating from the face. The new starter for tho No. 2 pump arrived on Friday morning, and was immediately installed. QUARTZ LODES IN CENTRAL OTAGO An article, prepared by Mr J. H. Williamson, of the New Zealand Geological Survey Service, for insertion in the ‘ Science Journal,’ on the quart/, lodes of Oturehua, Nenthorn, and Macraes Flat, concludes with the following observations: — “ The future of these fields depends largely on the skill with which they are managed and the development policy that is followed. Too much stress cannot be laid on the lolly of a policy of blind stabbing, with an entire absence of proper technical advice, both underground and in the mill. Adequate money must be made available for development, and ore in sight should be sufficient to provide at least a year’s crushing for a mill working full time. At present the recovery both at Oturehua and Macrae’s Flat is low. At Golden Point mine it is 50 per cent.; at Golden Progress it is unknown, for no consistent sampling has been done; but it is probably no higher than at Golden Point. “ The Nenthorn field cannot bo regarded as a proved failure. A consideration of tho history of the field, the the meagre returns that have been preserved, and the reasons for its collapse, force one to the conclusion that tho field is worth investigation by a company financially strong enough to prospect the area thoroughly, both- by driving and by diamond drilling. “On the Oturehua field the chief difficulty in the early days was caused by water, a difficulty that is now easily overcome. Present indications in Golden Progress mine arc towards a continuation of ore at depth, and the same condition may hold for the Great Eastern mine. “ At Golden Point mine a careful, study of the faulting there would probably lead to the discovery of the northward continuation of tho Home Reef beyond the fault that cuts off the block at present being developed. With the recent rise in the price of scheelite and gold ore that was a few years ago unpayable can now.be profitably mined. Moreover, in view of tho importance of tungsten in the manufacture of highgrade steel and the restricted occurrences of ores of this metal, it is expedient to ensure that our limited resources of this metal are utilised to tho fullest, and not carelessly wasted. For this reason alone the field before being abandoned should be carefully prospected.” SNOWY RIVER SLUICING The return for the period ended September 9 for 129 hours water was 3oz 18dwt. BLACKWATER RETURN Blackwater Mines Limited (Reefton) reports the following returns for August (July figures being given in parentheses) Crushed, 4,000 tons (3,850 tons), yielding 1.897 (1,901) fine ounces of gold; value, at £0 18s a fine ounce, £13,092 (£13,022) at £0 17s a fine ounce; working costs, £6,161 (£5,454): leaving a working profit of £6,931 (£7,568). Development expenditure was £664 (£877), and capital expenditure £1,025 (£798). RESEARCH AT BENDIGO A proposal to undertake niineragraphic research on the Bendigo gold field has been made by tho Federal Government. Commenting on I lie proposal, Mr W. Haragwanatn, director of geological survey, said the application of scientific methods to the elucidation ol mining problems was a distinct step forward in (he development of the industry. Such work had not been carried out before at Bendigo, although it bad been undertaken .in a small way on mineralised samples from Stawell, llethanga, and the Cassilis district in Gippslaud, with a view to developing processes for the treatment of ores. It was hoped that the proposal of tho Commonwealth would lead to great developments at Bendigo. Mineragraphic research had been carried out on ores from Broken Hill, Kalgoorlio, and various other fields, with the co-operation of the Council for Scientific and Industrial Rcseaich, and Western Australian and Broken Hill mining companies for jho last five years.

NEVIS SLUICING CLAIMS At a recant meeting of the directors of the Nevis Sluicing Claims Ltd. the manager reported that the plant was almost ready for transportation to Cromwell, and ns soon ns the road over Hie Curricle Range was open it would be taken to the company’s claim. The manager intends to return to tho Nevis early next week. The work of widening tho race is well in hand, mid it is anticipated that sluicing operations will be commenced ut an earlv dale.

GOLGONDA Golconda reported that during last week the following work has been carried out:—Driving continued on the hanging wall portion of the main reef. The mineral band is veering away to the left, and the course of the drive is nearly parallel to tl>e slide, which is in the footwall side about 15ft or 20ft. Wo put a small crosscut out into the hanging wall, and there is about 18in of quartz showing, composed of mineral and bluish-white quartz, further in from the mineral seam. There is a fair amount of water coming from it. Jf the quartz keeps on the same course it will junction with the reef that we discontinued driving on in the old banging wall crosscut. On the drive on tho reef since we picked the quartz up we have been driving in nearly a semicircle, and that is the reason why wo have not yet cut the main slide. This is apparently what occurred according to the plan of tike Old Cambria workings when they got their patch. BRIAN BORU MEETING The extraordinary general meeting of shareholders of the Brian Born Gold Dredging Company Ltd... called to consider a number of resolutions proposed by certain shareholders, was held at Greymouth on Monday night. About forty shareholders, representing approximately 460,000 shares out ’of 540,000 issued, were present from Christchurch, Nelson, Wellington, andWestland. Mr F. A. KitcHingham, solicitor to the company, was voted to the chair. The meeting, which was a lengthy one (says the Greymouth correspondent of the Christchurch ‘ Times ’) defeated a motion, the effect of which would have been to depose the directors, and also defeated a proposal to set up a committee to investigate the affairs of the company. A motion of confidence in the directors was carried. ALEXANDER MINES The following is the Alexander mining report for the month of August:— Sloping lias been' carried on with two pair of men in No. 3 intermediate backs and three pair in No. 4 level backs. Above the intermediate the lode shows no change, varying from one to four feet in width. In No. 4 level backs the reef is improving in size as it is stoped upwards, throe of the faces showing stone from 4ft to 6ft in width. A drive was put out eastwards from tile third slope along tho fault plane on the south end of this block- and stone discovered averaging over 3ft in width. This was driven on north for 24ft, but it has now pinched in the face. The stone showed good gold, being above the average in quality. This stone is about 4ft in the wall of the present stopes, where driving started, the distance increasing as driving proceeds north. The lower power station lias been completed, and is about ready to send the power up to the mine. The compressor at the mine has been installed and will be connected with the receiver in a few days. The mine end of tho transmission line is now being proceeded with, and should be completed at an early date. The air pipes are laid to within 100 ft of the face of No. 4 level. It is anticipated that the whole plant will be in operation early in the coming month. KILDARE OPERATIONS

Tho Manager of the Kildare Consolidated Gold Mining Company Ltd. reports as follows: — 'The cleaning of tho Scandinavian race was commenced on March 24, and up to June JO, when frost caused a cessation of this work, some fourteen miles had been cleaned and repaired. A JOin to 22in pipe line has been laid to the Surface Hill claim, and the cleaning out of the channel on the east side of'the deep paddock was commenced on August 9. A wash-up on September 7 resulted in a return of 21oz. The object of cleaning this channel is to remove a considerable quantity 7 of surface stones which may later slip into the deep paddock, and from the results already 7 obtained it is anticipated that a profit will he made on this undertaking. It is expected that this work will be completed in six weeks’ time, when the dewatering ] of the paddock will (.■eminence. The severe wenther conditions have caused a good deal of broken time, but now that the plant is in position there should be no further delay. MORE LAND TRANSFERS MORTGAGE BUSIHESS LARGER Transfers of land registered in the dominion during July totalled 1,610 and were for a consideration of £1,085,910. Compared with June, a slight increase in both numbers and value was shown, and both totals were considerably higher than in July, 193 J. Mortgages registered in July 7 totalled 1,268, the amount involved being £881,518. Increases on the figures for June and for July, 1933, were also shown under this heading. GOLD PRICE RECORD £B/12/1 PAID IH AUSTRALIA Gold was quoted in London on August 30 at £7 0s 3d sterling a fine ounce—a record. The higher price follows the depreciation of the English currency in forms of the franc. The rate was 75.03 francs to £l, a fall of 81 centimes in four days. Tho Electrolytic Refining and Smelting Company Ltd. paid £2 0s 7d for sovereigns. The Kembla branch of the company sold a parcel of gold in London on August 30 at a price enabling £8 12s Id a fine ounce to ho returned to the seller in Australia. This price is the Ugliest ever returned to an Australian seller of gold. The Commonwcdth Bank in Mel--1 onrne on August 31 offered £2 0s 2d ’ >r soveriegus. The price of gold in London on September 3 advanced to £7 Is 7d, or Is 4d on tho figure on which the foregoing Australian records are based.