Commerce, Mining, & Finance

Evening Star, Issue 21966, 28 February 1935, Page 8

Commerce, Mining, & Finance

AUSTRALIAN STOCK EXCHANGES fr«n A»»ociation —By Telegraph—Copyright SYDNEY, February 27. On the Stock Exchange the tone generally was steady, but there was a tendency to mark down preference issues in conformity with the recent hardening trend in yields on gilt edged.

METAL MARKET P«s* Association —By Telegraph—Copyright LONDON, February 2G. The following are the official metal quotations:— Copper : Standard, £26 14s 4Jd* per ton ; forward, £27 Is 3d. Electrolytic: Spot, £29 10s; forward, £3O. * Wire bars, £3O. Lead: Spot, £lO 6s 3d;' forward, £lO 6s 3d. Spelter: Spot, £ll 13s 9d; forward, ‘ £ll 16s 3d. ' Tin; Spot, £214 17s 6d; forward, £212 12s 6d. Pig iron: Home trade, £3 /s 6a; export, £3 2s 6d. . .Antimony: British, £77 10s; foreign, £59 10s; Molybdenite. £1 14s 6d per unit. Wolfram, £1 18s. Silver; Standard, 25 9-16 d per oz; fine, 27 9-l Gd. DOLLAR AND FRANC Press Association—By Telegraph—Copyright , LONDON, February 27. (Received February, 28, ftt 9-40 . The dollar is quoted at 4.86 1-lb and the franc at 73 3-16.

AN ANXIOUS TIME MORTGAGEES’ POSITION Mr H. D. Andrews, chairman of the Permanent Investment and Loan Association of Canterbury, speaking at the' annual meeting of the association in Christchurch, specially referred to mortgagors’ relief legislation. He said the business of the association was still hampered in some measure by such legislation, although, as the report and accounts showed, the year covered by such accounts was somewhat better than the previous year. The association and ail other investing institutions and persons were faced with the further legislation for the benefit of mortgagors, which was now under consideration by Parliament, the possible effect of which lie could not pretend to prophesy, as neither he nor any one else in the dominion really knew what the effect of such legislation would be. The proposals cotained in the second of the Bills on the subject were not yet disclosed, as the Bill had not yet been introduced into the House. He and his colleagues on the board looked forward with . anxiety to the developments ® which might possibly take place in the current year, owing toMlic new legislation. He hoped the effect would justify the of those responsible for the legislation, but he could not help. fearing that the remedies proposed might have a very detrimental effect upon the investment of money, and upon the many upon the receipt of income from the investment of their savings. ■ If his fears turned out to be justified. the remedies could not ultimately he for the good of the country, or for the real advantage of those in whose interests it was introduced. AUCKLAND TRANSPORT BOARD LOAN CONVERSION EFFECTED The conversion of loans totalling £290,000 was decided on by the Auckland Transport Board on Tuesday. The new rate of interest will be 4£ per cent., and the date of maturity is 1960. Under the former conditions one loan of £llO,000 carrying £5 19s Id per cent, interest matured in 1950, and the balance, on which the interest was £5 10s per cent., matured in 1952. The new loan includes a premium of £7,322, payable on the conversion of the main loan on April 1. The annual charges up to 1942 will he approximately the same as under the previous arrangements. After that date they will increase gradually until maturity, but will avoid the steep increase after 1942 which .would have taken place under the previous terms. SUBSIDY FOR CHILLED BEEF The Queensland Cabinet has decided to place before the Federal Government a scheme for rehabilitating the Queensland cattle industry with the aid of a Federal bounty of £1,000,000. The scheme, which has been propounded by the United Graziers’ Association, is based on a request for granting a subsidy of £1,000,000 over three years, a third to be paid annually. It is provided that the subsidy bo payable in respect of fair average quality and good average quality beef exported. The Minister of Agriculture said that Cabinet, after hearing the scheme enunciated, authorised him to prepare a case for presentation to the Commonwealth Government. Special reference will be made to the necessity for building tip herds and improving facilities generally to enable Australia to take full advantage of the chilled beef trade.

MOTOR TRADE RECORD

Statistics gathered by the N.R.M.A., Sydney, show that there are now more motor vehicles registered in Australia than at any previous time. Registrations at December 31 last totalled 675,782, comprising 455,382 cars, 144,729 commercial vehicles, and 75,671 motor’ cycles. The previous largest number of registrations recorded was at June 30, 1930, when the total for Australia Was 656,314. The gain during 1934 was 37,398, comprising 25,200 cars, 11,275 commercial vehicles, and 923 motor cycles. Reports of the motor trade received from all parts of New South Wales by the N.R.M.A. reveal buoyant condxtions. New cars are selling quickly and stocks of 1934 models are rapidly being sold out. There is a shortage of labour in some trades, and employers are advertising for sprayers and panel beaters. . DAIRY PRODUCE THAT DANISH FLAVOUR It has long been the aim of butter manufacturers to produce an article which would command a price nearer that realised by Danish butter in London. Experiments of a highly interesting nature are being conducted with this object at the Trafalgar milk supply factory, Victoria. As a result of representations from London to the Department of Agriculture, Mr Sharp, bacteriologist, was deputed to investigate. The Trafalgar factory was selected because of the low acidity of its butter. Half a ton of butter has been manufactured from cream inoculated with a lactic acid starter. The original culture for this was imported from Denmark in powdered form and developed locally into liquid. This rids the cream of its original lactic acid and acts in its place. In consists ol pure lactic acid germs. The butter so made will be vacuum-packed' in Melbourne prior to export. The experimental shipment will consist of ten boxes of salted and ten of nnsalted butter. Though achieved independently, no Australian butter has yet combined high flavour and lasting quality. Mr Sharp stated that the cream he used was suitable, and he regards the prospects as excellent. The report from London will be awaited with much interest, as this is the first experiment on such lines in Australia. Messrs Dalgety and Co. advise havv ing received the following cable from v their head office, London, dated February 27:—Messrs Samuel Page and Son report as follows:—Butter and cheese markets are quiet. We quote: Danish butter, f.0.h., 90s; Now Zealand finest butter, 80s to 81s; Australian unsalted butter, 86s to 87s; Australian salted, 80s to 81s; Australian G.A.Q., 78s; Australian cheese, white, not quoted; Australian cheese, coloured, not quoted; New Zealand cheese, white, 465; New Zealand cheese, coloured, 465; Canadian cheese, white, 58s to 625; Canadian cheese, coloured, 58s to 625; Canadian cheese, COLOMBD TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea auction of February 26:-r At yesterday’s auction of 1,610,0001 b common teas were firm to dearer, and medium kinds were irregular, while fine quality teas were much dearer. The quality of offerings was "good. A total of 1,550,0001 b is catalogued for sale next week, MOTUROA DIL FIELDS The following report for four weeks has been received from Moturoa Oilfields Ltd.. New Plymouth :—Moturoa No. 4 well: Produced 4,235 Imperial gallons of crude oil; total production to date, 54,265 Imperial gallons. Moturoa No. 2 well: Produced, 9,170 Imperial gallons of crude oil. Total production to date, 613,968 Imperial gallons. Moturoa No. 1 well: Total production to date, 4,133 Imperial gallons of crude oil.

MORNING SALES. £ s. d. Commonwealth Bonds— 4 per cent., 1938 104 7 G 4 per cent., 1941 105 7 6 4 per cent,, 1953 ... .., 107 10 0 E.S. and A. Bank 5 0 6 Australian Gas (A) ... ... 7 16 0 Associated News (pref.) ... 1 3 44 Australian Glass ... ... O 0 6“ Goldsbrougli, Morfc 1 C’ 9 James Stqdmau 0 16 0 Winchcombe ... 1 5 6 AFTERNOON SALES. Colonial Sugar 40 17 6 Bank of New South Wales 30 0 0 Commercial Bank of Sydney 16 2 0 Associated News 1 2 7i 3 Commercial News (pref.) 1 3 Howard- Smith 0 15 10* Burns, Philp ... 3 , 2 0, Australian Gas (A) ... ... 7 17 0 " Tooths _ 2 7 6 Australian Glass , ... 3 0 0 , Winchcombe, Carson v.; 1 5 6 Fairylhead Sugar ... ... 1 17 3 Farmers First (pref.) 1 4 0 David Jones ... ... ... 1 19 9 David Jones (do second pref.) ... 1 9 9 Anthony Hordern 0 17 101 Standard Cement ... ... 0 19 3 Drug Houses of Australia 1 5 .0 Australian Iron and Steel (pref.) ' ... 1 2 41 Bidolo Deposits .,.. ... ... 0 0 104 Larut ... 0 10 9 Placer Development ... 1 8 2 General Industries 0 15 3 Victoria Nyanza ... ... 0 6 9 Tongkah Harbour 1 2 10* MELBOURNE, February 27. Goklsbrough, Mort 1 8 9 Commercial Bank (pref.) 10 0 0 Associated News' ... ... 1 2 6 Dunlop Perdriau ... ... 0 19 1 North Broken _ Hill 5 0 6 Zinc Corporation ... ... 1 10 0