Commerce, Mining, & Finance

Evening Star, Issue 22031, 17 May 1935, Page 7

Commerce, Mining, & Finance

CANADIAN BOND ISSUE Press Awociatioa-By Telegraph-popyrig-ht OTTAWA, May 15. Bank of Canada officials handling their first dominion loan announced that the 60,000,000d0l ■ of Government bonds offered on Wednesday morning at a record low interest rate were considerably over-subscribed.: There were two maturities of eight and 20 .years, the 'former, selling at .99.50, yielding 2.57 per cent., and the latter at 98.50, yielding 3.10 per cent. < METAL MARKET Press- Association—By Megraph—Copyright LONDON, May 15. The following are the official metal quotations: — J . ' Copper: Standard, £33 9s 4Jd per ton; forward, £33 18s lid: ■ Electrolytic:-. Spot, £37; forward, £37 ss. . Wire, bars, £37 ss. , Lead: Spot, £l4; forward, £l4. Spelter: Spot, £l4 15s; forward, £l4 18*. 9d.; Tin: Spot, £226 7s 6d; forward, £219 7t 6d. ■■■.: "•;-.- Pig Iron: Home trade, £3 7s 6d; export, £3 2s 6d. ■■■•.■ Antimony: British, £76 10s; foreign, £49 15s. Molvbdenite, £1 14s 6d per unit. . Wolfram, £1 13s 6d., Silver: Standard, 35id per ounce, fine, 38 l-16d. AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, May 16. On the Stock Exchange popular classified and general industrial stocks continue, to realise firm prices, but Commonwealth bonds are .quiet in view of the uncertainty of the rate of interest on the projected new internal Australian loan. AFTERNOON SALES. £ s. d. Bank of New South Wales 31 10 0 Commercial Bank of Sydney 17 18 0 "Australian Provincial Assurance ... ' ... ' ... ... ... 1 1 - Australian Gas (A) 8 2 0 British Tobacco 1 19 6 Toohoys 19 0 Dunlop Perdriau 0 1C 10 J Winchcombe, Carsons ... 1 8 '5 Wilcox M'offlin 0 10 9 Fairymead Sugar ... ... 119 0 David Jones ...' -...' ... 2 16 Anthony Hordern 0 19 a J Standard Cement 1 1 4} Drug Houses of Australia ... 1 5 3 Mount Morgan ..." - 1 17 9 South Broken Hill 4 6 6 Placer Development 29 0 0 MELBOURNE, May 16. National Bank (£5 paid) ... 6 6 0 Australian | Glass ... ... 3 3 3 British Tobacco (pref.) ... 110 0 Nestles (pref.) I 19 9 Moun,t Ljcll t ' r r: , ... 1 0 IJ TOOTH'S IREWERY DIVIDEND Tooth's Brewery. has advised the Stock Exchange Association that an interim dividend has been declared at the rate of 10 per cent, per annum. PRICE Of GOLD Frees Association—By-Telegraph—Copyright LONDON, May 16. (Received May 17, at 11 a.m.) Fine gold is quoted at £7 2s 7d pei 08. DOLLAR AND FRANC . Pr?st Association—By Telegraph—Copyright ■ ,'■ . LONDON, May 16., (Received' May 17, at noon.) The dollar is quoted at 4.887-16, and the frano at 74J. MOUNT LYELL Press Association—By Telegraph—Copyright LONDON, May 16. '(Received May 17, at 1.30 p.m.) Mount Lyell shares are quoted at 15b 9d. NEW GUINEA GOLD SHARES Press' Association—By Telegraph -Copyright LONDON, May 16. (Received May 17, at 11 a.m.) 4 " New Guinea Gold shares are quoted at 4s. BUTTER AND CHEESE Press Association—By Telegraph—Copyright LONDON, May 16. (Received May 17, at 11.30 a.m.) ' Butter is quiet. Choicest salted New ifealand, 775; Australian, 75s to 765. Unsalted the same. Cheese is slow New Zealand white. 43s 6d; coloured, 44s 6d; Australian, 41s 6d and 42s 6d.

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BEET SUGAR Press Association—By Telegraph—Copyright LONDON, May 16. (Received May 17, at 1 p.m.) Beet sugar: June, 5s Old. SHEEPSKIN SALES ADVANCE !M PRICES Press Association—By Telegraph—Copyright LONDON, May 16. ' ‘(Received May 17, at 11 a.m.) At the sheepskin sales 5,126 bales were, offered, including 513 Australian and 1,455 New Zealand. There was a full attendance of the Home trade, Continental, and American buyers. Competition was ' keen and practically all were sold. Prices advanced, compared with March 28, Australian merinos combings, 7J to 10 per cent.; clothings, fully 10 per cent.; cross-brcds, fine, 10 t 0.15 per cent.; medium and low, 5 per cent.; New Zealand half-bred, 10 per cent.; cross-breds, fine, 15 per cent.; medium and low, 15 and occasionally 20 per cent.; lambs, 10 per cent. BRISBANE WOOL SALES Pres* Association—By Telegraph—Copyright BRISBANE, May 17. (Received May 17,_at 11 a.m.) At the wool “sales’ keen competition continued and values were firm. Top prices were: Greasy, 16-id; scoured, 26d. ... DAIRY PRODUCE • Messrs Dalgety and Co. advise having received the following cable from their head office, London, dated 16th inst. Messrs Samuel Page and Son report as follows The butter and cheese markets are slow. Danish • butter, f.0.b., 68s to 695; New Zealand finest butter, 775; Australian finest unsalted butter. 75s to 765; Australian finest salted butter, 75s to 70s; Australian. G.A.Q. butter, 70s-to 725. New Zealand cheese—White, 43s 6d to 445, coloured, 44s 6d .to 455; Canadian—White, '5Ss to 625; coloured, 58s to 625. . . MORTGAGE CORPORATION STATEMENT BY MR COATES. • - J „ , ; (Supplied and Released by the New ■ Zealand Government.) ■ LONDON. May 16. (Received May 17, at 11 a.m.) T Mr Jj GrOoilfbs has issued The’ following statement;—“ The issue of shares in the dominion’s Mortgage Corporation gives to investors an opportunity at once to obtain a sound security at an attractive rate of interest, and to take their part in the national effort for placing our main industry on a/financially stable basis. It was for good reasons that .the Government and Parliament determined that the new organisation should not depend on the State for its whole capital. The plan adopted gives, us the, manifest advantages of State participation as well as public subscription, and the intention is that the privilege of shareholding should be as widely distributed as possible. To this end I.trust that all who are in a position to invest,- whether on a small scale or otherwise, will lose no time in lodging their applications. The investment is sound, and can be recommended.” THE SEARCH FDR GOLD MINING AT CMMWELL \ -. (From Oor Correspondent.] Mr William Kilgour, of Cromwell, who already holds a partnership in a claim at Cairnmuir, has purchased the claim of Messrs Scott and Partridge. These men Have been oii gold for some ■time, and Mr Kilgour informed your correspondent that he has seen as much as £dwt washed to the dish. This enterprising young miner is also a big shareholder and a director of the Cairnmuir Sluicing Ltd.,, and is very sanguine regarding the possibilities .of work on the Cairnmuir area. When asked what he intended to do with his newly acquired claim, Mr Kilgour said he,proposed to work it himself. NEW CORNISH POINT MINES Mr J. L. Stewart Wright, local director of.the New Cornish Point Mines Ltd., advises that the men are being paid off on Thursday, and operations will be stopped, though the pump, will be kept working and the mine will be kept open pending further arrangements which it is hoped may be effected for the working of the ground. JONES NEVIS SLUICING The wash-up of the Jones Nevis Sluicing Company was on view at the National Bank, Cromwell. It comnrisccl 57 055 13dwt Mgr of coarse gold and 1570 z lOdwt 4gr of fine gold, making a total of 2150 z, and being a particularly bright specimen it looked exceptionally well, on the copper gold tray.

THE RESERVE BANK

THE WEEKLY SUMMARY [Per United Press Association. ] WELLINGTON, May 16. The ‘ Gazette ’ issued to-night contains the following statement of the liabilities and assets of the Reserve Bank: of New Zealand as at the close of business on May 13. The figures at the close of last week are given for the purposes of comparison, shillings and pence being omitted : LIABILITIES. Last week. This week. I. Paid-up capital ... . ... 500,000 500,000 3. General Reserve Fund .. 1,000,000 1,000,000 3. Bank notes 9,107,417 9,359,102 4. Demand liabilities—(a) State* 12,470,121 12,892,474 (b) Banks 3,909,748 3,951,692 (c) Other 7,194 12,492 5. Time deposits 6. Liabilities .in currencies other than Ne*/ Zea land currency 7. Other liabilities ... 87,134 80,497 Total 37,441,016 37,802,259 ASSETS. 8. Reserve—(a) Gold 2,803,731 2,801,731 (b) Sterling exchange .. 23,336,730 22,709,836 (c) Gold exchange —, 9. Subsidlar) coin ... 370,453 163,279 10. Discounts—(a' Commercial and agricultural bills .. ... (bL Treasury and local body bill? —• U. Advances—(a) To Stale oi Stale undertakings ... ... —* (b) To other public Mulhori(c) Other 12. -Investments 2.095,807 2.094,075 13. Rank buildings —. 14. Other assets 36,803 33,338 Total ... 27,441,616 27,803,259 Proportion of reserve. (No. 8 less No 6) to notes and other demand liabili ies .. 97.33% 97.31% FOREIGN EXCHANGE ON NEW ZEALAND CURRENCY BASIS The Bant of New South Wales, Duuedin, quoted the following rates for purchases and sales of foreign exchange (all rates subject to alteration without notice): —

Buying. Selling. London— £100 ste. 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— £P to- £100 N.Z, T.T. £60 7/6 £89 New York — Dollars to £1 N.Z .;. T.T. 3.95 * 3,92t O.D. 3.97J 3.921 Montreal— Dollars to £1 N.Z T.T. 3.95i 3.92 O.D. ■ 3.97 3.924 France — Francs to £1 N.Z. T.T. GO. £6 59.06 O.D. 60.66 59.11 Noumea—* Francs to £1 N.Z ... T.T. 61.31 58.31 O.D. 61.71 58.36 Papeete— Francs to £1 N.Z T.T. 61.31 58.51 O.D. 61.71 58.36 Belgium— Beiges to £1 N.Z T.T. — 22.950 O.D. — 22.965 Germany— Heichmarks to £1 N.Z. T.T. 9.570 O.D. 9.575 Italy— Lire to £1 N.Z. T.T. 46.98 O.D. — 47.02 Switzerland— Francs to £1 N.Z. ... ... .. T.T. 12.389 11.989 Holland— O.D. 12.464 11.999 Florins to £1 N.Z .. T.T. 5.944 5.694 O.D. 5.994 5.698 Java— Florins to £1 N.Z T.T. 5.899 5.674 O.D. ■5.949 5.678 Japan — N.Z pence to 1 ..yen T.T. — 17 13-16 Shanghai— N.Z. pence to 1 dollar ... ... T.T. 24 1 26 3-16 O.D. 24| 264 India and Ceylon— N.Z. pence to .1 rupee T.T. m 22-25-32 Hongkong— O.D. 22i 22 21-32 N.Z. pence to 1 , dollar ... ... T.T. 37 3-32 38 5-32 Singapore— N.Z. pence to 1 O.D. 33 31-32 38 3-32 dollar T.T. 34 5-16 351 Sweden— O.D. 34 3-16 35 3-16 Kroner to £1 N.Z T.T 15.787 15.457 O.D. 15.827 15.437 Norway— Kroner to £1 N.Z T.T 16.198 15.868 Denmark— O.D. 16.238 15.878 Kroner to £1 N.Z ... ... .. T.T. 18.208 17.878 Austria— O.D 18.248 17.888 Schillings to £1 N.Z T.T. — 20.43 O.D. 20.45 'choslovakia— Crowns to £1 N.Z. T.T. — 93.40 O.D. . 93.45 DOLLAR RATES. The Associated Banks (other than (lie wank of New South Wales) quoted the fnl. lowing dollar-sterhng rates to-dav. whiM, are subject to alteration without notice:— Conversion. of dollar bills 17.S.A. Canada. ceived for collection and of dollar drafts and graphic- transfers ... 4.88 Purchase of dollar bills , ... 4.91 On a New Zealand currency bp--s these rates are equivalent to:— SELLING— U.S.A. Canada. T.T. ... ... ... ... 3.92 3J52 On demand ... ... 3. Mi 3.92’ BUYING— On demand ... ... 5.971 3.97i