Commerce, Mining, & Finance

Evening Star, Issue 21880, 17 November 1934, Page 13

Commerce, Mining, & Finance

> AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, November 10. On the stack exchange in a strong market for investments to-day the mam feature was a sharp advance of 4s to 61s 6d in Australian Glass. The buying inquiry was evidently based on expectations of future benefits. Shares in two of Sydney’s controlled banks made gains, and bonds were steady. Late sales were as follow:—Bank of New South Wales, £33; Commercial Bank of Sydney, £l7 18s; Commercial Bank of Australia, 16s; National Bank (£lO paid), £l2 14s; Burns Philp (ex div.) 58s 6d: Associated News, 25s 71d; Australian Gas (A), £8 2s Cd; British Tobacco, 41s 9d; Tooth’s; 51s; Toohey’s, 28s 9d; Carlton Brewery, 525; Australian Glass, 61s 6d; Dunlop Perdriau, 20s; GoldsbrOugh, Mort, 31s; i Wincombe-Carson, 295; Electrolytic Zinc, 255; Farmers, 265; Hume Pipe, 14s 3d; Drug Houses of Australia, 24s 6d; Australian Iron and Steel (pref.), 23s 9d; General Industries (pref.), 265; Broken Hill Proprietary, 51s 3d. MELBOURNE, November 16. British Tobacco, 41s 4Jd; Herald, and Weekly Times, £sßs 6d; Australian Glass, 60s 6d. EGGS AND EGG PUIP QUANTITY IN GOLD STORAGE [Per United Press Association.] WELLINGTON, November 16. Following are the quantities of eggs and egg-pulp in cold storage on October 31 Eggs in Shell (dozens). —North Island, 19,740; South Island, 13,071; Dominion, 32,811. Egg Pulp (pounds).—North Island, 231,757; South Island, 167,135; Dominion, 398,892. ' Frozen Whites (pounds). North Island, 2,150; South Island, 580; Dominion, 2,730. _ , , Egg Yolk (pounds).—North ‘lsland, all; South Island, 560; total, 560. EXPDRT OF EGGS AUCKLAND'S SUCCESSFUL SEASON The last shipment of the season of the Auckland‘Egg Export Committee, comprising: 867' crates,- or .26,010 dozen eggs, was despatched by the Tamaroa on October 31. This shipment is expected to reach London about December 9, in time to meet the increased Christmas demand. The total number of crates, of thirty dozen eggs each, exported during the season was 3,054, compared with 2,760 last year. The largest shipment, of 1,020 crates, was taken by the Rotorua, and it will arrive on the English market, toward end ,of November. ' Other shipments from' Auckland - included 211 crates by the Rangitane on August 31, and 956 crates by the Rangitata oh September 26. “ The season has been quite successful,” said Mr A.. C. Norden, chairman of The Egg Export Committee. “ Although there has been a slight increase in the export compared with last year, we were somewhat handicapped -by the difficulty of seeming shipping space. With the formation of the New' Zealand Poultry Board during the year the chances of introducing a system of grading among retailers, in the near future are much brighter:” RESTRICTED IMPORTS BRITISH FARM POLICY In reply to criticisms of Great'Britain’s policy of restricting imports of foodstuffs, the Under-Secretary of State for Dominion Affairs (Mr Malcolm MacDonald) said at the annual dinner of the Australian _ Association of British Manufacturers in Melbourne that foreign imports would be curtailed first, and that every effort would be made to give ■ the dominions the largest possible share in the home market. Speaking on behalf of the British Government, Mr MacDonald pointed out that Great Britain’s agriculture was highly important to her. The policy of restriction bad been forced on tfic Government to save the industry from destruction.

“ I have heard critioisms since I came to Australia about certain things that the British Government is doing and proposes to do,” -Mr -MacDonald proceeded. I' have been made aware of a feeling in Australia ■ that possibly some of the things we propose to. do are not quite consistent with the Ottawa Agreements. Australians are feeling somewhat alarmed at our agricultural policy, especially at that part of it which consists of the restriction of the importation of foodstuffs into the United Kingdom market. “ There arc those who say that Great Britain knows nothing of agriculture.” he said, “ but this is one of the country’s • most important industries, employing about 1,500,000 persons, a larger number than is employed in that industry in any dominion.

“ We do not like the policy of restriction upon whiich we are embarking, but we have been forced into adopting that policy in defence of that gigantic industry.” “ I can only say,” Mr MacDonald said, “ that as far as possible the British Government will confine its restrictions to imports from foreign countries, and that however far it lias to carry its restriction policy it will always abide by the Ottawa Agreements and give the dominions an increasing share in its markets. The Ottawa Agreements are an experiment. We shaped a new piece of machinery to help the Empire in its commercial re lations, and . with _ experience we may find that the machinery is not perfect.”

METAL MARKET / Press Association—By Telegraph—Copyright LONDON, November 15. The following are the official metal quotations:— Copper —standard, £27 18s 9cl per ton. Forward, £2B 4s 4ld. Electrolytic—spot, £3U 10s per ton. Forward, £3l 10s. Wire bars, £3l 10s per ton. Lead—spot, £lO 8s 9d per ton. For-, ward, £lO 13s 9d. Spelter—spot, £l2 Is 3d per ton. Forward, £l2 6s 3cl. Tin—spot, £228 6s 3d per ton. Forward, £228 11s 3d. Pig iron—home trade, £3 7s 6d per ton. Export, £3 2s 6d. Antimony—British, £54 10s per ton. Foreign, £4B ss. Molybdenite, £1 14s 6d per unit. Wolfram, £2 0s 6d per unit. Silver —standard, 24Jd per oz. Fine, 26 11-16 d. , WDDL PRICES EARLY SALE PROSPECTS [Per United Press Association.] CHRISTCHURCH, November 16. The president of the New Zealand Woolbrokers’ Association (Mr J. Haling) has issued-, a statement reviewing the Australian market and the prospects for the early sales in the dominion. Ho states that the latest information from Australians that to October 31 the new season’s wool received into store was approximately 1,660,000 bales, of which 467,000 bales were sold and shipped. For the same period in 1933 the wool received into store was approximately 1,680,000 bales, of which 788,000 bales were sold and shipped. Mr Maling states that it is apparent the season’s low prices have caused a hold-over of more than 300,000 bales, which accumulation will come on the market during the New Zealand season. After stating that the average prices in the fine wool centres in New Zealand are considerably below those in Australia, Mr Maling quotes the Australian average for the new season as follows:—July 9.18 d, August 10.14 d, September 8.79 d, October 9.48 d. He states that the latest advices from the National Council of Wool Selling Brokers of Australia are that prices are likely to be stabilised at October values. Mr Maling adds: “ This should provide a guide to growers as to what New Zealand values will be at the commencement of the season for fine wools.” THE WOOL OUTLOOK REVIEW BY SYDNEY FIR# Winchcombe, Carson Ltd., the Sydney woolbrokers, in their fortnightly ■circular last , week, state: —During . the first four months of this season 244,307 hales of- wool were sold on the Sydney market. Considering, the trading conditions which existed from mid-year to the opening of the sales, reason for satisfaction exists that the volume of the staple mentioned has been purchased chiefly by oversea millmen. Of late, demand from all, European countries has shown expansion compared with earlier in' the season, indicating that millmen can see prospects of finding employment for their machinery. Existing circumstances do not kindle the belief that prices can advance substantially as they did last season, but they have been low. On existing basis a rise of 5 per cent, to 10 per cent, in rates does not add much to the cost of mill products. Its development largely depends upon the outlook of consumers, and fortunately that influence has of late been more favourable. ■ Fears of wool values declining to the extremely low basis of depression years have been dispelled. Present indications point to the absorption of supplies at .figures in the vicinity of recent figures. Weekly averages ,of sales in Sydney have not varied a full penny per pound since the season opened. Catalogues, with improved selections, have latterly averaged lOd, with the best clips averaging from 13d to ,14Jd. These figures do not give returns a sheep approaching those_ of last year, but the staple has certainly sold more freely and at better rates than looked likely a fgw weeds' ago. In spite of accounts of probable loss of trade to competing wool is commanding • its share of the world’s textile turnover.

WILL FARMERS SELL? Wool is going into Auckland brokers’ stores slowly for the first of the dominion sales on November 27. The number of bales to be offered is limited to a maximum of 25,000, but brokers are of opinion that this figure will not bo reached. Shearing is reported to be in full swing, many farmers having left this work until a later date than in previous years. \ It is considered that the slow arrival of clips is a sign that many farmers are going to hold their wool until a later sale. Both German and Japanese buyers are likely to be present at the sales this season, and the latter will probably be in the market for cross-bred wools. It is considered in some quarters in Auckland that Germany must buy wool somewhere, and it is hoped German buyers will get their orders to operate in New Zealand. Wellington’s first sale opens on December 8. but at the moment wool appears to be coming into store at a very slow rate. Considering what there is to do to get the wool prepared ready for buyers’ inspection there is not much time to spare between now and the first sale. Whether the maximum offering of 25,000 bales for the first sale in Wellington will be reached remains to be seen; but there_ is a noticeable reluctance by Australian wool growers to accept the present market rates as disclosed in recent returns of quantities of wool sent in for disposal this season, compared with those dealt with last season. Possibly some growers in New Zealand arc of opinion that the market at present is not sufficiently attractive for them to hurry over sending in their wool for si'o. However, the expectation that the next London sales, beginning next Tuesday, will show a rise on Scptember-October (dosing rates of ;]d per lb on eoarsc cross-breds may be reflected in the first sales of the season beginning at Auckland on November 27. But there seem no grounds for hope of a return to the brisk conditions of the market, as seen in the Wellington saleroom in January last. V

STOCK AND SHAREBROKERS. WEEK-END BULLETIN. We offer, subject to sale ? or withdrawal : 200 Stock Exchange Proprietary £l2 6 25 Union Banks 9 3 0 £4OO Borough of West Harbour Debentures, 5f p.c., 1/2/36 105 0 0 £SOO N.Z. Farmers’ Co-op. Debentures, 1940 83 0 0 100 Woolworths, Sydney (ord.) 3 15, 3 70 Fully-paid Co-operative Dairy Co. Shares Offer 200 Consolidated Brick 0 11 3 500 Bank of New Zealand (ord.) 2 9 6 25 Langley's Stress Finder Company Limited (20s paid) 2 10 0 200 Associated Motorists Petrol 10 0 100 N.Z. Breweries ... 2 9 6 10 Loyal Limited (prefs.) 110 MINING. 1.000 Argo Gold Limited 0 10' 100 Paddy’s Point ... 0 2 6 200 Quartz Mountain (3s 9d paid) 0 4 9 1.000 N.Z. Mining Investments ... 0 13 250 Maerewhcnuas 0 0 500 Mining House Concessions ... 0 0 3 500 Golden Gully 0 0 8i 1.000 Bell-Hoopers ... 0 0 5 BUYERS. D.I.C. ordinary and preference shares, Sharland and Company, N.Z. Refrig., copt., Donaghy’s Rope and Twine, Westport Coals, Southland Frozen Meat, M’Lood Bros., Dominion Fertilisers, Big Rivers, Gillespie’s Beach, Bell-Kilgours, Dunedin City Corporation Stock and other Borough Stock, Forestry Bonds, Building Society shares. THE SECURITIES CORPORATION (N.Z.) LTD., 20 CRAWFORD STREET, DUNEDIN. Telephone 11-777 (two lines). Telegrams, “ Toscol.”

THE SEARCH FOR GOLD

THE GOLDFIELDS DREDGE The secretary of the Goldfields Dredging Company Ltd. reports that the return for the week ended yesterday was 30oz 3dwt for 111 hours’ dredging. . BELL-KILGOUR REPORT The secretary of the 8011-Kilgour Gold Mining Company Ltd. (Mr F. R. Thompson) advises that the wash-up for the week ended yesterday amounted to soz. OKARITO COMPANY ANNUAL REPORT. The annual report of the Okaritd Five Mile Beach Gold Dredging Company, to be presented at the annual meeting on December 14, states: —: The directors’ report and statement of accounts in respect of the half-year ended March 31. 1934, was issued to shareholders in May. At that time, as the dredge proceeded southwards, dredging conditions became more difficult on account of the heavy nature of the ground, which continued to be comparatively poor in From March until August conditions' remained much the same, and during the week ended August 25, jujt prior to the stopping of the dredge, the highest return for the whole six months (370 z sdwt) was secured. It took four weeks to carry out the alterations to the dredge,* and when dredging was again resumed there remained only one week before the end of the half-year. In this week a return of 31 oz was obtained, together with 12oz recovered from the old gold saving tables. The total quantity of gold won for the halfyear was 620Joz—the lowest half-yearly total since dredging was commenced. The directors are pleased to report that the alterations to the dredge, which were completed towards the end of September, have been a great success. Formerly, the dredge was unable to cope satisfactorily with the heavy ground which had been encountered, and the sluice box was being continuously choked with the heavy material. The installation of the shaking tables has eliminated this trouble, and the capacity of the dredge has been substantially increased. The hydraulic pump was discarded, and was replaced by an efficient centrifugal pump driven by a separate pelton , wheel, i The saving in power thus effected far exceeded expectations, and, after the alterations had been completed, the water pressure on the dredge rose from 751 b per square inch to 971 b per square inch. During the stoppage the gold saving tables were removed and new tables substituted. With the increased capacity of the dredge a greater spread of tables was found necessary, and additional tables have been added since dredging was resumed. Certain repairs were also earn'd out to the dredge ladder, and a damaged pinion in the main drive was replaced. The dredge is now running excellently, and, although the cost of the alterations has been heavy, the directors are satisfied that the expenditure has been fully warranted, and that from now on the benefit of the expenditure will be derived. The price of gold during the half-year has remained consistently high, and the company has obtained an average return of £7 7s Cd pci - ounce. Before allowing for the expenditure of a capital nature, tbero is a net profit of £1,805, which has been barely sufficient to cover the capital expenditure written off during the period. The net result, after charging the whole of the expenditure against the net profit, is a deficit of £377 3s 3d, which has been transferred to profit and loss appropriation account. On April 12 a 10 per cent, dividend (6d per share) was paid, and the balance of £I,OOO in reserve account was transferred to the profit and loss appropriation account to cover the payment of the dividend. | After payment of the dividend and , providing for the income tax due, and i after writing off all the capital expenl ditiire during the period, there reI mains a credit balance in the appropriation account of £l7 6s Id, which has been carried forward. The retiring director this year is Mr G. W. Bowron, who, being eligible, offers himself for re-election. KING SOLOMON RETURN The return from the King Solomon mine this week was 70oz 7dwt. DOLLAR AND FRANC Press Association—By Telegraph—Copyright LONDON, November 16. (Received November 17, at 11 a.m.) The dollar is quoted at 4.09) and the franc at 75 13-16.