Commerce, Mining, & Finance

Evening Star, Issue 21935, 23 January 1935, Page 4

Commerce, Mining, & Finance

AUCKLAND WOOL SALE GENERALLY LOW PRICES [Per Exited Press Association.) AUCKLAND, January 22. Generally low prices prevailed at the second Auckland wool sale to-day, u nen about 80' per cent, of the catalogue ot 24,840 bales was sold. An average ot between 5Jd and 6d a lb would repicsent the approximate value ot the wool disposed ot, which means that the atelage price per bale was a little more than £B. At the November sale an average of 5,628 d per lb for a return of £7 16s 2d per bale was secured, the total realisation on the 11,299 bales sold being £88,250. With the disposal ot about 80 per cent., the aggregate return for to-day’s auction should be m the vicinity of £160,600, bringing Auckland’s income from wool for the season to about £250,000, compared with £783,149 from the first two sales last season, when the January auction alone brought in £455,455, at an average price of 12.12 d per lb and £lB 5s Id per bale. , , The top price to-day was l-’id lor seven bales of half-bred. The report on the sale issued by the Auckland Wool Brokers’ Association states that there was a full bench of buyers representative of all the woolconsuming countries and local mills. Competition was keen within _ limits, and the bidding at times was animated. A# compared with the first Auckland sale prices showed a slight improvement, and all sorts were evenly competed for except lambs, which were not wanted and realised very unsatisfactory bids. Bradford, as usual, took the greatest weight of wool, and there was good support from the Continent. Germany operated very sparingly. Local mills took the bulk of the pieces. Japan was in the market for suitable lines. About 80 per cent, of the offering was sold under the hammer.

The range of prices was as follows, November, 1934, prices being shown for the purposes of comparison:—

SYDNEY WOOL SALES GOOD COMPETITION press Association—By Telegraph—Copyright. SYDNEY, January 22. At the wool sales 11,058 bales were offered and 9,888 sold, while 536 were disposed of privately. There was good general competition, and prices showed & partial recovery compared with the previous day. Faulty, thin pieces, and shoddy fleece showed irregularity. Greasy merino made 15Jd. PRICE OF GOLD Press Association—By Telegraph—Copyright LONDON, January 22. [(Received January 23, at 10.35 a.m.) Fine gold is quoted at £7 2s Id per da. DOLLAR AND FRANC Press Association—By Telegraph—Copyright LONDON, January 22. (Received January 23, at 11 a.m.) The dollar is quoted at 4.88 1-16 and the franc at 74 PUBLIC TRUST OFFICE Estates of a value of £437,350 were repotted and accepted for administration by the Public Trustee during the month. On March 31, 1934, the total value of the estates under administration by him was £60,760,493, and the new business for the nine months ended December 31, 1934, was £4,601,892, compared with £3,838,995 for the corresponding period last year. Grants of administration made by the court in favour of the Public Trustee numbered 116 for the month. The total number of wills now held in the Public Trust Office is 83,058.

AUSTRALIAN STUCK EXCHANGES Press Association—By Telegraph—-Copyright SYDNEY, January 22. Restricted trading was again experienced on the Stock Exchange to-day. barge parcels of Tooths’ shares changed hands at steady rates. Business otherwise was mostly confined to industrial concerns, the market for which was generally firm. Alining shares were irregular and bonds very quiet. Later sales were as follow:—Bank of New Zealand, 50s 6d; Colonial Sugar, £42; Associated News, 24s 3d (pref. 24s 9d); Burns, Philp. 645; Australian Gas (A),, £8 2s; British Tobacco, 39s 3d; Tooths, 51s 3d Tooheys, 30s 3d; Goldsbrough, Mort, 30s; Winchcombe, Car'son, 295; Morris, Hedstrom, 16s 3d; Henry Jones, 36s 3d; Millaquin Sugar, 36s 6d; Fairymead Sugar, 38s; Farmers, 26s 9d; Anthony Hordern, 19s 3s; Drug Houses of Australia, 265; G. J. Coles, 56s 3d; Mount Morgan, 40s 6d; Mount Lycll, 16s Cd; Broken Hill Proprietary, 54s 3d; .llawang, 7s lOd; Placer Development, £26 os. MELBOURNE, January 22. Commercial Bank of Australia (pref.), £lO 3s; Howard Smith, 17s Id; British Tobacco, 39s 3d; Goldsbrough, Mort, 30s 3d; Dunlop Perdriau, 19s lid; Mount Lyell, 16s lOd. LONDON STOCK EXCHANGE Presa Association—By Telegraph—Copyright LONDON, January 22. (Received January 23, at 11 a.in.) Dalgety and Co. ordinary shares, £6 11s 3d; fours, £103; Goldsbrough, Mort ordinary shares, 23s 9d; P. and O. Deferred Stock, 17s IOJd. FOREIGN EXCHANGE ON NEW ZEALAND CURRENCY BASIS

METAL MARKET Press Association—By Telegraph—Copyright. LONDON, January 21. The following are the official metal quotations:— Copper.—Standard, £2B 6s IOJd per ton; forward, £2B 13s lidElectrolytic.—Spot, £3l 10s; forward, £3l 15s. Wire bars, £3l 15s. Lead.—Spot, £lO 10s; forward, £lO 12s Cd. Spelter.—Spot, £l2; forward, £l2 ss. Tin.—Spot, £232 13s 9d; forward, £228 18s 9d. Pig Iron.—Home trade, £3 7s 6d; export, £3 2s 6d. Antimony'.—British, £77 10s; foreign, £3B ss. Molybdenite, £.l 14s 6d per unit. Wolfram, £1 18s 9d. Silver.—Standard, 24|d per oz; fine, 26 7-16 d.

STOCK AND SHAREBROKERS. RELIABLE AND DEPENDABLE SHAREBROKERS. \rOU May Safely Entrust Your Buying JL and Selling Orders to Our Share Department. No unnecessary delays. Immediate settlements, I/m-est rales. EFFICIENT ATTENTIVE, and RAPID SERVICE. THE SECURITIES CORPORATION, 20 Crawford street, Dunedin. Phone 11-777 (3 Lines).

WHEAT MARKET Press Association—By Telegraph—Copyright LONDON, January 21. Cargoes arc steadier and parcels 3d dearer. Futures: London—February, 20s 2d; April, 20s 3d; June, 21s. Liverpool—March, 4s 10£d; May, 5s Id: duly, os 2-3 d. THE SEARCH FOR GOLD GOLDEN GULLY SLUICING A report from the above company states that work was resumed on January 7, and the, timber track into M‘Cartney's Gully was carried forward a distance of nine chains, and will be completed during the present week. The pipe line from the penstock site to the elevator had been cleared of standing bush. Boring had been resumed at the Para Para Delta, and the fifth bore hole was now in progress. An engine had been installed to supply power for the boring equipment. During prospecting operations Boz 6dwt of gold were won. MINING RESEARCH COMPANY For the week ended January 15 tho Mining Research Company reports on the development work at the Ballarat reef, Macetown: — The road from the old homewardbound battery to the Sunrise track has now been completed for a distance of over two miles, and arrangements have been made for the transport of the battery and machinery during the forthcoming week. A paddock of quartz is being taken out from the outcrop, and a small intermediate drive discloses high-grade quartz with gold showing freely over a distance of 12ft. The gold is of very coarse nature, colours and dabs being frequently seen in the stone broken. The rise in the low level is now up 12ft, and it is estimated a further 12ft of rising will cut a reef in the shoot of ore. KILDARE CONSOLIDATED REPORT The following is the Kildare Consolidated Gold Mining Company’s manager’s report:— “ Since the last report work has continued steadily on tile Surface Hill claim, three shifts being worked. A considerable quantity of tailings from surface workings has been removed from tlie east side of the paddock, and the elevator is now working from the depth of 55ft. Valves and elevating plant used in working the claim prior to 1904 are now being exposed. The cleaning and repairs to the Scandinavian race are now completed, and, despite the dry weather experienced, an ample supply of water is available.” NEWi GUINEA GOLD SHARES Press Association—By Telegraph—Copyright LONDON, January 22. (Received January -23, at 11.45 a.m.) New Guinea Gold shares are quoted at 4s 9id. ..

Jan., 1935. Nov., 1934. Corrledaic — Super — to m — to 11* Average ... 9* to 10* 9* to 10* Southdown ... 8 to 121 8* to 10J Medium half-bred, 56’sSuper — to m — — Average ... 9* to 10* 9 to 10 Inferior ... .7 to 9 6* to 8* Coai’se half-bred, 50’s — Super 8$ to 10 8 to 9* Average ... 8* to 10 7 to 7| Inferior ... 6 to * i 6 to 6| Extra fine cross-bred, 48/50Super 8* to 10 8 to 9* Average ... 7$ to 81 7 to 7| Inferior ... 6 to 7i 6 to 6| Extra fine cross-bred 48/50 super ... 7$ to 9 /i to 8| Average ... 6* to 7* 6 to 7* Inferior ... 5 tp 6 4* to 5| Fine cross-bred — 46/48 super ... 7 to 7* 6| to 7* Average ... 5|to 6| 5* to 6* Infcrior ... 5 to 5* 4* to 5 Medium cross-bred — 44/46 super ... 61 .to 7 6 to 6* ... 5* to 6 5 to 5j Inferior ... 4* to 51 3 to 4 Coarse cross-bred — 40/44 super o* to 6 5 to 5* Average . ... 4| to 51 4 to 4| Inferior ... 4 to 4* 3 to 3* Low cross-bred, 36/4( — Average ... 4* to Si 4 to 5 Inferior ... 4 to 4i — Hoggets— Extra super halfbred ... ... — to 11* — Half-bred ... 9 to 11 — Fine 7 to 9 8* to 9 Medium ... 6 to 8 7 to 81 Coarse 5 to 7 5* to 6* Lambs’ dow r n 5 to 7* — Fine, 46/40 ... 5 to 8* 6* to 81 Medium, 44/46 5 to 6| — Seedy and inf. 3 to 6 3* to 5* Bellies and pieces, cross>red Good to super 4* to 5* 4* to 5* Low to medium 3 to 4 8 to 4 Half-bred bellies and pieces 6 to 8 — Crutchings— Med. to good 4 to 5* o to 5 Inf. to seedy 2* to 4 3 to 3* Locks, crossbred 2 to 3 2 to oa 4

The Bank of New South Wales, Dunedin, quoted the following rates for purchases and sales of foreign exchange:— France —• Francs to £1 N.Z T.T. 60.28 58.98 O.D. ' 60.58 59.03 Noumea — Francs to £1 N.Z T.T. 61.23 58,23 O.D. 61.63 58,28 Papeete— Francs to £1 N.Z T.T. 61.23 58.23 O.D. 61.63 58.28 Belgium— Belgas to £1 N.Z T.T. 37.235 16.555 O.D. 17.335 16.550 Germany— Reichsmarks to £1 N.Z T.T. 9.594 O.D. — 9.599 Italy— Lire to £1 N.Z T.T. 45.37 O.D. — 45.41 Switzerland— Francs to Cl N.Z T.T. 32.381 11.981 O.D. 12.456 11.991 Holland— Florins to £1 N.Z T.T. 5.960 5.710 O.D. 6.010 5,714 Java — Florins to £1 N.Z T.T. 5.915 5.690 O.D. 5.965 5.694 Japan— N.Z. peace to 1 yen T.T. — 17 21-32 Shanghai— N.Z. pence to 1 dollar ... T.T. 20 27-32 22 5-32 O.D. 20 23-32 22 3-32 India and Ceylon— N.Z. pence to 1 rupee T.T. 22 11-32 22 11-16 O.D. 22 7-32 22| Hongkong— N.Z. pence to 1 dollar T.T. 26 1-16 27g O.D. 25 15-16 27 1-16 Singapore— N.Z. pence to 1 dollar T.T. 34- 7-16 3S| O.D. 34 5-16 35 5-16 T.T. represents telegraphic transfers. O.D. represents on demand transactions.