Commerce, Mining, & Finance

Evening Star, Issue 21881, 19 November 1934, Page 7

Commerce, Mining, & Finance

MEAT MARKET Press Association—By Telegraph—Copyright LONDON, November 17. New Zealand Sheep.—Canterbury and North Island selected cross-bred wethers and maiden ewes: Under 481 b, 3ld per lb; 48-641 b, 33d; 65-721 b. 3id. North Island: 48-561 b, 4*d; 57-6411), 4Jd; 65-721 b, 4Jd. North Island ewes: Under 481 b, 33d; 48-6411), 33d; 63-721 b, 3Jd. Australian Sheep. First quality cross-bred and/or merino wethers: 40-651 b, 3|d. Second quality: 30-5511), 3|d. Ewes: 30-551 b, 3Jd. . Argentine Sheep. First quality cross-bred wethers; 48-641 b, 4Jd; 63-721 b, 33d. 'Patagonian Sheep—AV ethers and/or maiden ewes: Under 501 b, 3ld. Argentine Lambs.—First quality: 361 b and under, 63d; 37-421 b, 6id. Second quality: Average about 281 b, 6*d. New Zealand Lambs.—Canterbury; First quality—36lb and under, 6|d; 37-421 b, 6Jd; 43-501 b, ssd. Second quality—Average about 321 b, 6Jd. Other South Island; 361 b and under, 6|d; 37-421 b, 6)d; 43-501 b, 5Jd. Selected North Island, including Do'wns: 361 b and under, 7sd; 6Jd; 43-501 b, 5Jd. . Second quality—Average about 321 b. 63d. Other North Island: First quality—36lb and under, 6|d; 37-4211). 63d. Second quality—Average about 821 b, 6d. . •Australian Lambs.—Victorian: rirst quality—36lb and under. 63d; 37-421 b, 6id. Second quality—36lb and under, 6Jd. Other States : First quality—36lb and under, 6|d; 37-421 b, 6jd. Second quality—36lb and under, 63d. All States: Third quality—average about 261 b. 6d. ■ New Zealand Frozen Beef.—Ox fores (160-2201 b). 2|d; ox hinds (160-2201 b), 3id. , Australian Frozen Beef. —Ox hinds (1601 b and under), 3}d; ox hinds (over 1601 b), 3*d; ox crops (1001 b and under), 2|d ; ox crops (over 1001 b), 2|d. Argentine Chilled Beef.—Ox fores (I'6o-2201b), 3Jd; ox binds (160-2201 b), 4*d. . . New Zealand Pigs.—First quality: 80-801 b, 6gd; 81-100 lb, 6d; 101-1201 b, 53d. - Australian Pigs.—ljbrst . quality; 60-1001b 1 (average about 801 b), 6Jd; 101-1201 b, s|d.

WOOL-SELLING SEASON GROWERS HOLDING BACK [Per United Press Association.] WELLINGTON, November 17. ; There are indications that many wool growers are holding off from the December wool sales, with the idea of offering their dip in January. Fine weather has allowed fanners to proceed with their shearing almost .without interruption, and the result is shown in the steady flow of wool to the stores, but there is no keenness to offer the wool at .the sale on December 8. It is likely that the allotment of 25,000 hales for that sale will not be filled, but more will be offering for the January sale than can be accommodated. RADIO MANUFACTURERS' CAMPAIGN ■‘•‘We intend increasing our advertising appropriation for the year, be-: ginning just before the Radio Exhibition iin August, to £1,000,000,” said Mr S. Wilding Cole, chairman,; of - the Radio Manufacturers’ Association, at a. meeting in London. . “That, at the present rate, will result in business showing a profit of £3,000,000, which is a remarkably good return for money so spent. “ The balance-sheet for the radio industry reveals that our advertising account with the newspapers was 30 per cent, of the profits on the industry’s trading last year,” he went on. “What other industry spends 30 per cent, of its profits with the newspapers? The radio industry does it because by so doipg it is able to increase its trade.”

FARMERS' INTERESTS RENT OF CROWN TENANTS ; A reply was received at a meeting; of the executive of the "Auckland provincial branch of the New Zealand Farmers’ Union last week to a letter sent to the Minister of Lands, urging that Crown tenants should be given the option of carrying on on a reduced basis of rent or interest as was done in many cases with incoming tenants. The reply stated that permanent reductions in charges could not be granted in respect of current leases and licenses, owing to the revaluation provisions of the Land Act having been temporarily suspended. . However, as necessity demanded, relief was, being granted by way of part remission or postponement of charges. It was decided to reply that the position as stated was not in accordance with the facts known to the executive. It was decided to the challenge issued by Mr A. J. Sinclair, of Te Awamutu, to debate publicly the recently passed dairying legislation, on condition that Mr Sinclair published the evidence he tendered to the Dairy Commission.

FOREIGN EXCHANGE ON NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dun* edin, quoted the following rates for its purchases and sales of foreign exchange to-day : France

* These rates are nominal. T.T. represents telegraphic transfers. O.D. represents on demand transactions. The above rater are subject to alteration

BRITISH TREASURY BILLS (British Official Wireless.) Press Association—By Telegraph—Copyright RUGBY, November 16. The total amount applied for in £35,000,000 Treasury bills was £41.875,000. The amount allotted in bills at three months was £31,167,000. The average rate per cant, was 4s 9.46 d, compared with 5s 2.65 d a week ago. Tenders will be. received next week for Treasury bills to a maximum amount of £40,000,000. RABBIT MARKET Press Association—By Telegraph—Copyright LONDON, November 17. Rabbits: Large, ex store, 15s and 15s 6d. WHEAT MARKET Press Association—By Telegraph—Copyright LONDON, November 17. Wheat cargoes are dull in view of North and South American easiness. Canadians and Plates were offered at 3d down, and Australians are unchanged to 3d easier. Buyers are apathetic. Parcels: Manitobas, lid to 3d easier. Plates are unchanged to 3d down.. ' Futures.—London: December. 19s 4d; February, 20s 9d; April, 21s 3d. Liverpool: December, 4s 8 7-8 d; March, 5s lid ; May, 5s 3]d. COTTON, RUBBER, ETC. Press Association—By Telegraph—Copyright LONDON, November 17. Friday’s closing prices were as follows : Cotton; Spot, 7.08 d per lb; December, 6.88 d. Rubber: Para, 5 l-8d; plantation smoked, 6id. Jute: November-Decembcr, £ls 17s 6d ’, Copra: NoVember-December South Sea, £7 17s 6d; smoked, £7 15s; plantation Rabaul, £8 15s. Linseed oil, £l9 10s. Turpentine, 44s 6d. ,

METAL MARKET Press Association—By Telegraph—Copyright LONDON, November 10. The following are the official metal quotations Copper.—Standard, £27 Is 3d per ton; forward, £27 8s 9d. Electrolytic.—Spot, £3O ss; forward, £3O _ 15s. Wire bars, £3O 15s. Lead.—Spot, £lO Os 3d; forward, £lO 11s 3d. Spelter.—Spot, £ll 18s 9d; forward, £l2 3s 9d. Tin.—Spot, £228 6s 3d; forward, £228 11s 3d. Pig-iron.—Home trade, £3 7s 6d; export, £3 2s 6d. Antimony.—British, £59 10s; foreign, £54 10s. Molybdenite, £1 14s 6d per unit. Wolfram, £2 Is. Silver.—Standard, 24 5-8 d per oz ; fine, 26 9-16 d.

LONDON STOCK EXCHANGE (British Official Wireless.) Press Association—By Telegraph—Copyright RUGBY, November 16. After considerable advances in early dealing on the Stock Exchange, prices of British Government Stocks decreased owing to a slackened demand. War Loan 3} per cent, closed at £IOB, and consols 2j per cents, at £9l. error* occur.

THE SEARCH FOR GOLD GILLESPIE'S BEACH RETURN The Gillespie’s Beach return for last week was'-290z lOdwt for 124 hours’ dredging. Advice has been received from the dredgemaster that the dredge was held up for twelve hours during alterations in the powerhouse. There is plenty of water available and the dredge is running well. OKARITO DREDGE The Okarito dredge returned 420 z ICdwt for 128 hours’ last week. FOUR-WEEKLY REPORT. The following report relates to the four-weeks from October 7 to November 3: —Total gold won, 1640 z 4dwt; total time woi’ked, 497 hours; total nonworking time, seventy-nine hours; total yardage treated, 31,820, an average of sixty-four cubic yards per hour; average value of ground (on basis of gold worth £4 per ounce), 4.9 d per cubic yard. BRIAN 60RU RETURN The Brian Born dredge return for last week was lOoz 15dwt for 118 hours’ work, during which the quantity handled was 12,000 yards. MAHAKIPAWA MINE Owing to a breakdown in the pump on Monday work was not resumed at the Mahakipawa mine "until Thursday afternoon. There was no wash-up this week. BELL-HOOPER RETURH The Bell-Hooper Cromwell Gold Ltd., return for the week ended November 16 was 61oz 4dwt 9gr.

BENDIGO RISE AND SHINE COMPANY The report of the' manager of the Bendigo Rise and Shine Mining Company for the week ended November 14 states that the distance now driven east on the reef totals 47 feet, with two feet of quartz showing in the face. The drive in a westerly direction has been extended to 14 feet with 18 inches of quartz in the face. Other work carried out includes preparation of the sites for the manager’s house and men’s huts recently purchased from the Public Works Department. The Vincent County Council has a grader and men on the road making necessary repairs. l « OPITONUI DEVELOPMENTS The first payment for the renewal of an option given by Opitonui Developments Ltd. for the sale of its property at Opitonui to a London group has been received in Christchurch. WORKSOP EXTENDED The secretary of the Worksop Extended Company reports a return of 740 z for 127 hours’ dredging. The dredge handled 10,350 yards of material. BIG RIVER REPORT The report of the Big River Mines Ltd. for the week ended November 15 is as follows No. 3 crosscut: Distance driven, 5 feet; distance from south drive, 271 feet: distance from shaft, 468 feet,; country very hard. No. 4 north drive; Total distance driven 55 leet on reef. The face is looking well, the reef maintaining its width. The reef in the leading stopo above the level appears to increase slightly in width. No, 4 south drive: Total distance driven, 35 feet, 20 feet, 20 feet being on reef. The reef is 4ft 6in wide in the face. Gold is seen in the stone. Battery; The battery stopped crushing on Wednesday owing to shortage of water. Crushing will be recommenced as soon as it rains.

NEW CORNISH POINT MINES The mine manager’s report for the fortnight ended November 12 stated that the level east had been advanced for a total distance of 305 ft from the i commencing point in the south level. The country driven through consisted of a coarse stony gravel and had to be timbered. The bottom was below the floor of the level and the usual quantity of water was making in the face. The values in the wash were of a low grade. THIRD BULOLO DIVIDEND Bulolo Gold Dredging Ltd., Vancouver, has declared an interim dividend of 90 cents (Canadian) a share of 5 dollars. less Canadian absentee tax of 5 per cent. The dividend is payable from Sydney on January 10 after exchange rate adjustment. Placer Development Ltd., the pilrent company, is paying an interim dividend of 1 dollar 80 cents on the fully-paid shares of 5 dollars and on the partlypaid shares in proportion to the amount paid at December 3. The distribution will be less tax and is payable on January 10 after exchange adjustment. These dividends arc the third so far paid, the previous Bulolo distributions being of 60 cents cadi in December, 1933, and July, 193-1. and Placer Development. 1 dollar 20 cents each at the same times. At. the present rate of exchange and less tax, the dividends are worth about 3s 9d and 7s 6d respectively in New Zealand.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A fair volume of business was recorded this 'morning, and conditions generally were firm. After the call, Bank of New Zealands changed hands at 49s 9d. and Reserves had a reported sale at 32s 3d premium, the quotations at the end of last week showing sellers at £6 12s fid. Meat preserving shares continued in a vorv firm condition with buyers offering a little more for Refrigeratings and the Southland issues. Both issues of Brown, Ewing’s were for sale, but the margin between the quotations was too great for business. Dominion Fertilisers were inclined to bo a little easier, while Kaikorai Woollens and Paper Mills showed a slight improvement. In the brewery section New Zealands had a belter inquiry, with sellers firm at 50s, and Timarus were wanted at 7s lid, but no sellers were on offer. Mount Lyells had reported business at the weakened figure of 17s fid, but other Australian mining concerns were neglected. In the gold mining section Bell-Hoopers were reported as having been sold late on Saturday at sd, but there was no change in the market this morning. Bell-Kilgours weakened to sellers at 2jd, and Charlestons were sold for fid, with further sellers at 7d. Nokomais had a closer, market, following reported business at an improved price, and there were two transactions in Waitahus at 3s fid, and the market closed 2d either way. SALES. Reported.—Reserve Bank, £6 12s 3d (late Saturday); New Zealand Refrigerating (paid), £1 Os fid; Mount Lyell, 17s fid; BellHooper, 5d , (late Saturday); Nokomai, 3s 6]d. On ’Change.—Charleston, fid; Waitahu, 3s fid (2). After Call.—Bank of New Zealand, £2 9s 9d. Quotations as under:—

DIVIDENDS DUE. Broken Hill Proprietary—halfyear. Is share, Aust. cur. ... Not. 21 Dunedin Stock Exchange Propy. —6d a share Nov. 22 Kampong Kamunting Tin—6d per share Nov. 24 Westport Coal—final, 6d Nov. 26 National Bank of Aust. (paid), interim, 5s Nov. 28 National' Bank of Aust. (cent.), interim, 2s 6d Nov. 28 Dalgety, final, 2£ p.c Nov. 28 Wilson’s Cement—interim, 7jd ... Nov. 28 Australian Class —pref., p.c., ord., interim, !i p.c Dec. 1 Henry Jones Co-op —ls a share. Dec. 1 North Broken Hill—ls 6d a share Dec. 2 Bank N.Z.—interim, ord, Is; Long “D ” 3J p.c Dec. 8 Kauri Timber—3 p.c. for year, 9d a share Dec. Broken Hill South, Is 6d, payable Melbourne Dec. i l * Bulolo Cold Dredging—interim, 90 cents Canadian, less lax of S p.c. Jan. 10 Placer.. Development—interim, .1 dollar 80 cents Canadian, less lax of 5 p.c. ... Jan. 10

Francs 'to £1 * N.Z. T.T. 61.54 60.24 Noumea— Francs to £1 O.D. 61.84 60.29 N.Z. T.T. 62.49 59.49 Papeete— Francs to £1 O.D. 62.89 59.514 N.Z. Belgium— Belgas to £1 T.T. O.D. 62.49 62.89 59.49 59.54 N.Z. ... ... Germany— Reichsmarks to £1 T.T. O.D. 17.589' 17.689 16.889 16.904 N.Z. T.T. — 9.771 Italy— Lire to £1 O.D. 9.776 N.Z. (Switzerland — Francs to £1 T.T. O.D. 46.23 46.27 N.Z. Holland— Florins to £1 T.T. O.D. 12.576 12.651 12.176 12.186 N.Z. Java— i Florins to £1 T.T. O.D. 6.075 6.125 5.823 5.827 N.Z. Japan— N.Z. pence to 1 T.T. O.D. 6.040 6.909 5.815 5.819 yen Shanghai— N.Z. pence to 1 T.T. 17 21-52 dollar India and Ceylon— N.Z. pence to 1 T.T. O.D. 19 19-52 *20 29-52 19 15-52 *20 27-32 rupee Hongkong— N.Z. pence to 1 T.T. O.D. 22 9-32 22 5-32 22| 22 9-16 dollar T.T. 24 11-32 *25 13-32 Singapore— N.Z. pence to 1 O.D. 24 7-32 *25 11-32 dollar T.T. O.D. 34 7-16 34 5-16 35| 35 5-16

Buyers. . Sellers. £ » . C 1. i E -i d. BANKING- ‘ New Zealand ... ... 2 9 6 2 10 0 Sank of New Zealand (Long “ D ”) ... . ... 1 15 0 1 14 0 Commercial — 0 15 11 National of New Zealand 3 11 0 — INSURANCE— National ... 1 i 6e — South British 4 11 9 — SHIPPING— P. and 0. Deferred Stock — 1 2 0 U.S.S. Co. (pref.) ... 1 7 6 — HEAT PRESERVING— Canterbury (pref.) 5 14 0 — N.Z. Refrigerating (paid) 1 0 3 N.Z. Refrigerating (cont.) 0 10 1 Southland Frozen (paid) 3 15 3 3 18 0 Southland Frozen (cont.) 1 17 6 — Southland Frozen (pref.) -... ... ... 3 15 3 •— South Otago Freezing 6 I 0 — LOAN AND AGENCjf— National Mortgage ... — 3 1 0 N.Z. Loan and Mercantile (ord.), — 49 0 0 Perpetual Trustees ... 3 1 0 — Wright, Stephenson 9 (ord.) 0 17 — Wright, Stephenson (pref.) I 0 0 COAL— Kaitangata ' — 9 1 2 0 Westport ... ... ... 0 19 1 0 3 Westport-Stockton 0 (ord;) 3 3 MISCELLANEOUS— Brown, Ewing (ord.) 0 18 0 1 . 0 0 Brown, Ewing (pref.) Bruce Woollen Co. 1 ; 1 0 1 2 0 (pref.) ... 1 1 0 — Crystal Ice Co. (10s 0 paid) — 1 0 D.I.C. (pref.) ... ... — 1 7 3 Dominion Fertiliser — 1 1 3 Dominion Fertiliser Debentures ; 106 0 0 — Dominion Rubber ... 1 9 3 — Dunedin-Kaikorai Trams 1 18 0 — Dunlop Perdriau Rubber — 1 0 2 Kaiapoi Woollen (ord.) 0 IS 9 0 16 6 Milburn Lime and Cement ... 2 2 0 — Mosgiel Woollen Co. — 11 5 0 National Electric 0 8 0 —" N.Z. Drug Co 4 0 0 — N.Z. Paper Mills ... 1 14 3 1 15 0 ’ Otago Daily Times ’ 2 10 0 — Regent Theatre ‘ Sun ’ Newspapers ... Wilson's (N.Z.) — 0 19 6 — 0 4 0 Cement — 1 14 9 Woolworth’s (ord.) ... 8 0 0 — Woolworth’s (Sydney) 3 14 6 3 15 6 BREWERIES— N.Z. Breweries Z 9 6 2 10 0 Staples’s ... — 1 11 0 Timaru (cont.) 0 7 11 — GASWellington ... 2 1 0 — Christchurch 1 14 9 — OIL— Moturoa (ord.) ... ... — 0 4 0 Moturoa (pref.) “ 0 6 0 AUSTRALIAN MINING Mount Lyell ... ... 0 17 3 0 17 10 GOLD MINING— Aotearoa _ 0 1 0 Bell-Hooper 0 0 4i 0 0 5 Bell-Kilgour .... ... 0 0 ll 0 0 2i Bendigo Goldlight ... 0 0 10A .0 0 11 Big River ... — 0 1 8 Blackwater ... 1 12 9 — Charleston ... 0 0 5 0 0 7 Gillespie’s ... — 0 1 9 Golden Point 0 0 1 0 0 2 Goldfields Dredging ... — 0 0 11 Glenroy — 0 1 0 Kildare ... .„ ... — 0 2 4 King Solomon 0 5 7 — Lawson’s Flat — 0 0 4 Maerewhenua — 0 0 44 Maliakipawa 0 0 9 0 0 104 JVIataki ... ... ... — 0 2 10 Mining House Con5 cessions — 0 0 Moon lighl-Nelson Creek — 0 0 3 Mount David 0 0 10 — Nevis Diesel -- 0 0 44 Nokomai 0 3 5 0 3 9 Okarilo 0 8 10 0 9 2 Oxenbridge 0 0 11 Skippers 0 0 6 — Stafford Sluicing — 0 1 2 Waihi 1 19 0 — Waitahu 0 3 4 0 3 8 Worksop — 0 3 7

N.Z. GOVERNMENT loans— (Bonds quoted are £100 Bonds.) 34 • p.c, , Stock,, 19381943 108 0 0 — 34 p.c. . Stock, 1939-19-43 108 0 0 — 3) p.c. Stock, 19411943 108 0 0 — 3j p.c. Stock, 19381952 107 0 0 — 5j p.c. Stock, 19391952 107 0 0 — 34 p.c. Stock, 19411952 107 0 0 — 4 p.c. Bonds, Jan. 15, 1940 — 104 10 0 4 p.c. Stock, Jap. 15, 1940 — 104 10 0 4 p.c Bonds, June 15, 1955 112 0 0 — 4 p.c. Stock, Juno 15, 1955 112 0 0 113 0 0 UNLISTED STOCKS— Maori Gullv 0 1 5 _ Golden Gully ... ... 0 1 5 N.Z. Mining In* vestments — 0 1 I