Commerce, Mining, & Finance

Evening Star, Issue 21994, 2 April 1935, Page 7

Commerce, Mining, & Finance

SLIDING WHEAT DUTIES NORTH ISLAND PROTEST PROTECTION A 11 SCANDAL" [Pax. Urnin P*m Awogatio.-*.] , AUCKLAND, April 1. A : strong protest against the duties on Austrlian wheat was made at a meeting of nearly 150 Auckland poultry pro- ' tluocrs to-night. The wheat position in the North Island was; described as nothing, short of a national scandal, because of Government protection of the South Island wheatgrowers. “ We are paying an iniquitously nigh price for - wheat, and we should force ■ the Government to remove the existing hardship on the poultry-keepers, said Mr A. G. Hackett, who presided. He pointed out that whereas they were paying 5s 5d to ;5s 9d a bushel for wheat at' present, with the removal of the duties wheat could be landed Australia for 4s 4Jd to 4s 7d a bushel. •“I am convinced that the efforts of . this meeting will carry greater weight than any, held previously to fight the cause of poultry producers,” said Mr A. E. Knowles. ; The Chamber of Commerce had battled manfully on their behalf, and he suggested that the aid of that body and of other interested organisations should be enlisted^ It was decided to seek the assistance of the Chamber of Commerce, the Auckland Branch of the New Zealand Termers’ Union, the Poultry Board, and the. merchants, millers, bakers, and • * members of Parliament. _ . A resolution of protest against the present high price of fowl wheat as fixed by the action of the Government was passed unanimously, and it was decided to urge the Government to alleviate the position of the poultry-keeper by the removal of the sliding scale of duties. It was also resolved to urge that, pending the removal of the duties, the Government should fix the price of fowl wheat at a substantially lower price than that for milling wheat, and that if a shortage existed in New Zealand, as was indicated by the present _price, : the Government should import sufficient wheat to make up the shortage and to sell at, 4s 6d a bushel. It was decided to, point out to the Government that very_ inferior grades of fowl wheat were finding their way on to the .market, and to urge that steps . be .taken to remedy the evil. VICTORIA NYANZA SUGAR OVERPRODUCTION AND LOW PRICES In presenting the report of the thir- , teenth annual general meeting of the Victoria Nyanza Sugar Company Ltd., held in Melbourne, the chairman (Mr ; B. Y. Abel) said that the accounts prb- , sented covered a period of fourteen months, ended June 30, 1934. The loss ' for the period was £18,366 19s sd, of which £11,884 11s was provision for , depreciation. In submitting a report on his_ recent U visit to the company’s plantations .in V Kenya, East Africa, Mr Abel said that ' the vast improvement in communication effected by the air mail had enabled the board to keep in touch more adequately with, and control the under, taking, which.-is so remote from Melbourne. The over-production- of sugar c in East Africa was entirely due to the two Uganda mills, which had increased their plantations and manufacture ’ without the slightest regard to _ local market requirements or the possibility of obtaining a payable market elsewhere. The production of the Kenya, mills had not exceeded the_ require-’ meats of Kenya to any material extent. “ Our manager advises that he Is now hopeful of making good his estimated production of between 5,500 tons and 6.000 tons for the season.” he said. “ Actual production to February 16 was 5,169.4 tons, so we have already exceeded last season’s production by 112.4 tons. As regards price, prophecy is dangerous, but the situation is not without hope. It is estimated that production for the current year wilUbe 250.000 tons less than last year, while there is no reason to suppose that there will he any decrease in consumption. The carry-over . should show, a corresponding reduction. At an additional cost of only £358 to tho plantation oeVelopment account the area under cane has been increased by more than 1,500 acres.” COMMONWEALTH BANK The Commonwealth Bank made a profit of £659,767 during the half-year ended December 31. This was lower by £45,666 than the profit of the previous half-year, but higher by £139.894 than ' that of the corresponding half of 1933. In the general hanking department the profit was £226.301, a decrease .)! • £11,164 on the half-year, and an increase of £27,028 on the year. Half 1 the profit goes to the reserve fund of the department and the other half to. the national debt sinking fund. The .profit of the rural credits department was £24,790, a decrease of £5,968 on the half-year, and of £4,020 on the year. Half goes to the reserve fund of the department and half to the develop ment fund. . The profit of the note issue department was £408,675. a decrease of £28.533 on the half-year, but an increase of £116,886 on the year. The whole profit of this department goes to the Commonwealth Treasury.

FOREIGN EXCHANGE ON HEW ZEALAND tVMEKSY OA«W The Bank of New South Wales, Dunedin, quoted the following rates for purchases and sales of foreign exchange (all rates subject to alteration without notice) , Buying. Selling. London—

T.T. represents telegraph transfers. O.D. ’represents on demand transactions. DOLLAR RATES. The Associated Banks (other than the Bank of New South Wales) quoted the following dollar-sterling rates to-day, which are subject to alteration without notice: — U.B.A. Canada. Conversion of dollar bills received for collection and sale of dollar drafts and telegraphic transfers ... 4.79 4.82 Purchase-of dollar bills 4,82 4.85 On a New Zealand currency basis these rates are equivalent to:— U.S.A. Canada. SELLING— T.T. 3.E5? 3.87 J, On demand 3.85| 3.87£ BUYING— On demand.-.., —3.90 j RUBBER STOCKS Press Association—By Telegraph—Copyright LONDON, April 1. (Received April 2, at 11 a.m.) Rubber stocks: London, 92,602 tons,; Liverpool, 69,322 tons, HEW GUINEA GOLD SHARES Pres* Association —By Telegraph—Copyright V LONDON, April 1. (Received April 2, at 11 a.m.) New Guinea Gold shares arc quoted at 4s 3d, BRADFORD MARKET Press Association—By Telegraph—Copyright LONDON, April 1. (Received April 2, at 11 a.m.) Bradford market: Quiet; very firm. AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, April 1. The market was quiet, but a steadier tone was evident. Gold shares were handled diffidently, but there was a tendency towards a recovery in Mount

PRICE OF GOLD Press Association-By Telegraph-Copyright LONDON, April 1. (Received April 2, at noon.) Tlic price of gold is quoted at £7 5s • Sid per oz.

WANGANUI WOOL SALE

fPea United Press Association.! WANGANUI, April 1. Wanganui’s final wool sale of the season was held to-day, when a catalogue of approximately 11,000 bales was submitted for auction. The official range of prices was as follows: — Fine half-bred — Super, 10id to IOJd. Average, BJd to 9sd. Medium half-bred — Super, 9id. Average, 7jd to Sid. Inferior, 6Jd to 7d. . Extra fine, 48-50 Super, 7fd j,o Bfd. Cross-bred — Average, 7d to 7Jd. Inferior, 6d to 6Jd. Fine cross-bred, 46-48 Super, 6id to 7d. Average, 6d to 6Jd. Inferior, 5d to ssd. Medium cross-bred, 44-46 Super, 6d to 6id. Average,. s|d to 6d. Inferior, 4id to sd. Coarse cross-bred — Average, 4fd to 5Jd. Inferior, 4d to 4id. Hoggets — Fine, 48-50, 8d to Bid. i Medium, 46-48, 6id to 6|d. Lambs — ■ , Down, 50-56, 8d to BJd. Fine, 46-50, 6id to Bd. Seedy and inferior, 3Jd to sd. ■ Bellies' and pieces— Cross-bred, good to super, 4fd to s}d. Low to medium, 3d to 4d, Crutchings— Medium to good, 4Jd to sid. Inferior and seedy, 3d to 3id. Locks— Cross-bred, 2Jd to 3id. SYDNEY WOOL SALES A STRONG MARKET Press Association—Bj Telegraph—Copyright SYDNEY, April I. At the wool sales 12,447 bales were offered and 11,662 sold, 1,527 bales changing hands privately. . Last week’s average price was £l2 18s per bale, or 10.44 per lb. The market was fully firm to-day at last week’s best rates. There was keen general competition, and good clearances were effected. Greasy merino sold to 17d. GENERAL MOTDRS*HDLBEN'B MET PROFIT OF £402.333 General Motors-Holdeu’s Ltd, report a net profit of £402,333 lor the year ended December 31. compared with a profit of £134,161 the previous year, and a loss ol £2,722 for the previous accounting period of six months. Almost tho whole of the profit was made in the car, truck, and parts selling divisions, a result made possible by the general revival of business, which brought about an increase of 104 per cent, in the company’s sales over the 1933 volume. During the year two years dividend on the 6 per cent, preference shares was paid, requiring £67,392. and bringing the payment up to March, 1933. Against a debit of £329,979 brought forward a credit of £4,962 is carried forward. The directors state that, as tho profit and loss account was, in credit at December 31, after the liquidation of large debits, they decided to pay two years’ dividends on the preference shares, thus liquidating all arrears. DOLLAR AND FRANC Prcw Association—By Telegraph—Copyright LONDON,' April 1. (Received April 2, at 11 a.m.) The dollar is quoted at 4.791, and the franc at. 72 11-16. ASSOCIATED NEWSPAPERS LTD. The directors have announced that, until further notice, interim dividends on both ordinary ami preference shares will bo payable approximately at the end of April and August respectively, and consideration of a final dividend on both classes of shares will ho .brought before the annual meeting in the early part of December, payment to be made in ordinary circumstances in the latter part of that month.

THE SEARCH FOR GOLD

OPERATIONS AT WAIKI Tlie following information lias been cabled to London: — For tbo period ended March 16, comprising twenty-two crushing days, 18,525 tons of ore were crushed for a result of 4,508 fine ounces of gold and 28,456 fine ounces of silver. This includes 1,925 tons mined from the Grand Junction area, which yielded 513 ounces of gold and 1,343 ounces of silver. No. 2 Level, Edward Lode.—Driving south the next 32ft is ore of good grade, about four feet wide. No. 5 Level, Martha Lode. —In the winze at 785 ft west investigation is completed, and there is nothing material to report. Another winze has been commenced at 773 ft west, following the flat vein, and is down 13ft. Assay value to this depth is 15s 6d per ton. Lode about 3ft wide. No. 7 Level, North Branch of Martha Lode, —In the rise at 38ft west, next 67ft assays 17s 3d per ton. This has now connected with the winze. Have recommenced driving west, and next. 28ft assay's 4s per ton. The lode is about 2ft wide. Junction No. 6 Level, Royal Lode.—Driving west the next 43ft assays 8s 3d per ton. Width of lode varies from 18in to 36in. NEW CORNISH POINT MINES . Mr M. Moye, manager, reports for Week ended March 30, as follow?; —For the past week the north level has been advanced 10ft and timbered, making the total distance 60ft from the bottom of the incline. The bottom is keeping fairly level, and the wash is of low values. Owing to a rise in the Molyheux River of 13ft on Wednesday last, a quantity' of water percolated into the workings and filled the'level. Work had to be suspended driving the level in the meantime, and the men engaged in excavating a chamber for the installation of the pump. The pump has been installed temporarily and working, and the level unwatered. work (which is now in progress) requires to ho done to enable the pump and suction pipe to be placed in a suitable position: The incoming water to be dealt with at present, with the river lift above normal, is approximately 200 gal per minute. BENDIGO GOLDLIGHT DREDGE The secretaries of the Bendigo Goldlight Dredging Company Ltd. report that the assembly of the heavy machinery on the dredge is now in hand. At the beginning or last week the excavation 'enlarging a corner of the dredge pond was completed, the water turned in, and the dredge floated. There was heavy rainfall during the nest two days, and there is now an abundant supply of water. At present the tailings elevator is being erected, and when this has been completed the dredge ladder and buckets will be assembled. There has already been a satisfactory trial run of the machinery. Mr A. Williamson, formerly dredgemaster of the Gillespie’s Beach Gold Dredging Company Ltd., has been appointed dredgemaster, and will take charge immediately. MOTOR TAXATION MINISTER’S FIGURES CHALLENGED fP** Ukitbo Prbm Association. 1 WELLINGTON. April I. A reply is made by’ the North Island Motor Union following a meeting today in regard to Mr Coates’s statement with respect to motor taxation. The union says it is not asking for the reduction of 6d a gallon on petrol tax earmarked for the highways, but that Mr Coates should honour his promise to reduce the extra 4d a gallon imposed in addition to the general taxation the motorists are paying in common with everyone else in the community. Mr, Coates is challenged to make available for investigation the date from which his motor ownership table was compiled. It is observed that the figures do not correspond at any point with the Transport Department’s report. “We point out that the figures bear no relation class by class to ea,ch other, and we draw attention to the fact that the vast majority of motor vehicles is owned by farmers and other private car owners who cannot pass the taxation on.” It is also stated that it is difficult to understand a Minister of the Crown suggesting that heavy traffic fees and drivers’ licenses arc not the responsibility of the Government when everyone knows they, arc imposed by Act of Parliament. Receiving notification that the price of registration plates will be reduced by 6cl, the meeting expressed the opinion that the Post Office was not entitled to make any profit on the plates, and the price should be reduced to the actual cost. GRAIN AND PRODUCE Messrs Donald Reid and Co. Ltd. report;— Wheat.—Samples have eased off considerably. The season is about , completed, and very little now remains to come forward. Millers have accepted practically all lines that have been offered, as in most instances the samples have been of very good quality. Values for April are still on a basis of 4s, f.0.b., for Tuscan. Fowl Wheat. —There is very little of this available. Merchants are having difficulty in securing supplies. The shortage is, no doubt, due to the fact that the bulk of the lines is passed ns milling quality.- The value is about 4s 6d per bushel (sacks extra), ex store, with small quantities at a slightly higher rate. Oats.—Merchants are not keen operators at present owing, no doubt, to the poor shipping demand and the fact that tanners are asking prices in excess .of shipping values. Heavy samples are saleable to millers at 3s, on trucks, country stations. Values for A and B grades to farmers are as follow:—A, 2s 9d to 2s lOd; B, 2,s 6d to 2s / d per bushel (sacks extra), on truck, country stations. Chaff. —The market continues firm. Prime quality is realising £5 5s per ton (sacks extra), cx store, medium quality from £4 15s Supplies are not coming to hand very freely. The bulk of the chaff is being procured from Canterbury. Potatoes.—The wet weather during the week was responsible for the easing off of consignments. Values firmed slightly. King Edwards arc mostly sought after’, and are quoted at £6 per ton (sacks in).

£100 stg. N.Z. .. T.T. £124 £124 10/ O.D. £123 10/ £124 7/6 Australia— £A to £100 N.Z. .. T.T. £101 £100 10/ Fiji— £F to £100 N.Z. .. T.T. £90 7/6 £89 New York— Dollars to £1 N.Z. T.T. 3.89g 3.84g O.D. 3.90J 3.84-J Montreal— Dollars to £1 N.Z. T.T. 3.90J 3.86| O.D. 3.928 3.87J France— Francs to £1 N.Z. T.T. 59.08 57.78 O.D. 59,38 57.83 Noumea— Franc* to £1 N.Z. .. T.T. 60.03 57.03 O.D. 60.43 57.08 Papeete— Francs to £1 N.Z. T.T. 60.03 57.03 O.D. 60.43 57.08 Belgium— Belgas to £1 N.Z. .. T.T,, — 22.386 O.D. — 22.401 Germany— Reichsmarks to £1 \ N.Z. ... T.T. — 9.401 O.D. — 9.406 Italy— Lire to £1 N.Z. .. T.T. — 45.95 „ O.D. - 45.99 Switzerland— Francs to £1 N.Z. T.T. 12.136 • 11.736 O.D. 12.211 11.746 Holland— Florins, to £1 N.Z. T.T. 5.845 5.595 O.D. 5.895 5.599 Java— ' Florins to £1 N.Z. T.T. 5,802 5.577 O.D. S.852 5.581 Japan— N.Z. pence to 1 yen T.T. - 17 23-32 Shanghai— N.Z. pence to 1 dollar .. T.T. 22* 25 3-16 O.D. 22i 238 India and CeylonN.Z. pence to 1 rupee T.T. 22i 22 23-32 O.D. 22j 22 21-32 Hongkong— N.Z. pence to 1 dollar . T.T. 29 15-32 30 17-32 O.D. 29 11-32 30 15-32 Singapore— N.Z pence to 1 Dollar T.T. 34 11-32 35 9-32 O.D' 34 7-32 35 7-32

Morgans. AFTERNOON SALES. Associated News (pref.) ... £1 3 0 Burns Philp South Sea 1 4 ti Australian Gas (A) 7 15 0 British Tobacco 1 1(5 H Tooths 2 8 9 Australian Glass 2 17 0 Goldsbrough, Mort 1 8 0 Wilcox Mofflin 0 8 9 Electrolytic Zinc 1 3 3 Anthony Hordern 0 17 3 Drug Houses of Australia ... 1 5 3 Australian Iron and Steel (pref.) 1 1 9 Mount Morgan 1. 15 A Broken Hill Proprietary ... 2 9 0 Broken Hill South 3 18 0 Bulolo Deposits 0 1 0 MELBOURNE, April 1. There was no call-over on the Stock Exchange to-day, which was observed as the &ght-hour-day public holiday.