Commerce, Mining, & Finance

Evening Star, Issue 22033, 20 May 1935, Page 7

Commerce, Mining, & Finance

MEAT MARKET Press Association—By Telegraph—Copyright / : ,' ' LONDON, May 18. . New Zealand Sheep. Canterbury and North Island selected cross-bred wethers and.maiden ewes; 48-561 b, 4Jd 1 per lb; 57-641 b, -3gd; 65-721 b, 3*d. Ewes: Under 481 b, 3sd; 48-651 b, 2sd; 65-721 b, 2Jd. North Island: 48-o6lb, 4|d; sv-641b, 3id; 65-721 b, 3id'. ■Australian Sheep. First quality cross-bred and/or merino wethers: 40,651 b, 3d; second quality, 30-551 b, 3d. Ewes: 30-551 b, 3jd. . Argentine Sheep. First quality cross-bred wethers:, 48-641 b,. 3|d; 65721 b, 3d. Argentine Lambs. First quality: 361 b and under, - 5Jd; 37-421 b, 5Jd. Second quality: Average about 281 b, Sid. - ■ ' Patagonian Hhnibs.—First quality: 361 b and‘under, sd; 37-421 b, o^d. New Zealand Lambs.—Canterbury: First quality, 361 b and under, 6Jd; 37421b,6Jd; 43-501 b, 6Jd. Second quality, average about -321 b- 5Jd. Other South- Island; 361 b and under, 6sd; 37-421 b, 6*d; 43-501 b, 6*d. Selected North Island, including! Downs: 361 b and-under; 6<[d; 37-421 b, 6<}d; 43-501 b, 6Jd. Second quality, average about 321 b, -6Jd. Other North Island: First quality, " 361 b and under, 6jd; 37-421bj 6|d. Second quality, average about 321 b- SJd. - - Australian Lambs.—Victorian: First quality, 3Clb and ; uuder, 6sd; '37-421b, s|d. Second quality,: 361 b qnd under, old.! Other;States: First; quality, 361 b and under, Sid; 37-421 b, Sid. Second quality, 361 b and under, 5%d. • All States; Third quality, average about 281 b, Sid. ' ; New Zealand Frozen Beef.—Ox fores (160-2201 b), 2sd. Ox hinds (160-2201 b), 3}d; . Australian Frozen Beef.—Ox hinds, ' : 1601 b and under, 3Jd; over 1601 b, 4d. Ox crops, 1001 b and under, 3|d; over 1001 b, 3fd.‘ • Argentine. - Chilled Beef.—Os: fores (160-2201 b), 3|d. Ox hinds (160-2201 b). 6id. : New Zealand Pigs.—First quality; 60-SOlb, ’ s|d; 81-100 lb, SJd; 101-1201 h, S|d.-- ■ ’ Australian Pigs.—First quality: 60BOlb, SJd; 81-3001 b, sgd; 301-,1201b, Sid. BRITAIN'S STABILITY REMAND FDR STERLING ftess Association—By Telegraph—Copyright I . LONDON, May 18. The ‘ Daily MaU’« ’ City editor says : . A sudden demand for. the pound ; sterling, securities arose in the world markets to-day, causing big rises in exchange in foreign centres, proving . the contrast between’® Britain’s, returning- prosperity and the economic difficulties, elsewhere. The great influx of , visitors for the Jubilee opened the world’s eyes to the extent of the British recovery. Many, amazed at the comparative cheapness of British goods, are buying heavily, while others, ; :.iB view pf,the conditions in .their own Countries, ■ are putting monev in .Bntaip.” CENTENARY YEAR RANK OF AUSTRALASIA • Growth .of .the,_Bank of Australasia, • -*° w celebrating its centenary, is seen in the balance-sheet when it states that the bank began business with a paidup capital of £200,000, which has now - grown to £4,500,0Q0, and there is a reserve fund of £2,475,000. In addition , ; .there is a currency reserve of £2,000,.000, and a reserve liability of proprietors of £4,500.000. ■ The • dividend paid • , t. by the Bank of, Australasia for many years was 17 per cent, per annum, and. ‘. fn.JOIO it was 18 per cent.; but from • \ then, onward it declined to 33 per cent., v ’andrecovered to 14 per cent, from 3926t0 1929,-and then came a fall to 7 per_ cent, in 3932. To-day the divis dend is 7$ per cent., plus the centenary : bonus of 2 per cent. 1 The balance-sheet . . indicates a position of great strength. CANADIAN FARMERS fiRVERHMEHT LOANS AVAILARLE ii Prsw iuociaiion—By Telegraph—Copyright - OTTAWA, May 17. The Government.to-day made available 40,000,000 dollars for 5 per cent, loans to 1 farmers. ! The loans must be used .only for seed, implements, buildings,.,and stock. The loans are restricted to -50 per cent, of the farm value. ' : r COTTON, RUBBER, ETC. Frass Association—By Telegraph—Copyright LONDON. May 38. Friday's closing prices were as- follows:—' i - Cotton; Spot,' C.QQd per lb: June, 6.52 d. v Rubber: Para, 4 7-Sd; ■ plantation ’ smoked, 6d.. Jute: May-June, £39 3s 9d. : Copra: May-June South Sea. £ 12: - smoked-, £l2; plantation Rabaul, £l2 12s 6(1. Linseed'oil, £23 355. Turpentine, 59s 9d.

HIDES MARKET Press Association—By Telegraph—Copyright LONDON, May 18. Hides: Meat works dry salted— Queensland, 351 bto 451 b, s^d; 301 bto 401 b, 5 3-8 d; 251 bto 351 b, sicl; 201 bto 301 b, 5.)d; New South Wales, 5 7-Bd, 5'7-Bd, s|d, s|d. Wet salted—Queensland, 501 bto 601 b, 4d; 401 bto 501 b, 3 7-Sd; New South Wale’s, 4 3-Sd, 4 lr8d; Victoria abattoirs, '4 I-Bd. METAL MARKET Press Telegraph—Copyright LONDQN, May 17., The following are the official metal quotations : Copper.—Standard, £33 18s 9d; forward, £34 8s 9d .per ton. Electrolytic,—Spot, £37 ss; forward, £3B per ton. - . " Wire" bars; £3B per ton. Lead.—Spot, £l4 2s 6d; forward, £l4 2s 6d per ton. Spelter.—Spot, l £ls; forward, £l6 10s per ton. Tin.—Spot, £229 12s 6d; forward, £222 15s per ton. Pig Iron.—Home trade, £3 7s 6d; export, £3 2s-6d per tori. , , Antimony,—British, £76 10s; foreign, £4B 10s per ton. Molybdenite, £1 14s 6d per unit. Wolfram. £l' 11s Gd per unit.; Silver.—Standard, 35a; fine, 37Jd per ounce. ■ . j THE SEARCH FOR GOLD MOSSY CREEK DREDGE [Pea/ Vsited Press Association'.] . . GREYMOUTH, May 19. The return 1 from the Mossy Creek dredge was 440 z 15dwt from 7,200yd5. WORKSOP EXTENDED [Pee United Press Association.] GREYMOUTH, May 19. The Worksop Extended dredge obtained a return of 430 z from 4,400yd5. ■;# : , Blfi RIVER MINES The Big River Gold Mifies report for the week ended May 16 states : ' No.' 4 north drive, has been advanced 7ft, making the total distance 59ft. There is now 4ft of good-looking stone in the bottom of the face extending for 3ft up the face. A full face of stone is likely to make here very soon. No. 6 stope has been .completed and .filling commenced. On the rise 45ft up' there is now 4ft of reef on roof of drive, and gold is freely seen. In No. 4 south drive the face has been advanced 6ft, and nothing of value has yet been met with, but the country is favourable. No. 3 stope is almost completed, and the reef looks well. In the main shaft the timber has been adjusted to the plumb, and sinking is progressing. The battery is working two shifts per day. WAITAHU CLAIM Messrs W. A-‘ Mitson and Co. secretaries of the Waitahu Gold Mining Company .Ltd.,* have received advice from the claim- manager of a further partial wash-up fVom No. 3 paddock' on May 16 of 420 z Idwt. The previous wash-up waa on. May 4, and since then the elevator has been in operation for 28 shifts of eight hours each. NEW CORNISH POINT MINES Development work ;at the New Cornish Point mines having failed to prove the existence of aiiy rich lead, the directors have decided with regret to ■cease driving operations until such tuna a» the position can; be thoroughly investigated. The pumps are meantime being kept in operation to keep the levels open, and-an early opportunity will be taken to call shareholders together to consider the future of the mine.- - MAHAKIPAWA FIELDS •The Mahakipawa Goldfields report for the'period ended may 15 states The leading face has been driven a further 16ft with little change. ’The direction is much the same as previously, the gutter having turned to the rigbt again. At present the wash contains some very_ largo stones, and, from the way in which’ they are lying it would appear that the gutter is falling away to live right. This face- is. now 1,390 ft south, and 156 ft west of main shaft. In the cross-cut .south, a very promising development has taken place. The crosscut; .which was being continued from'the top of the rise which cut wash after being put up through 14ft of bottom'schist rock, was advanced to 20ft. From the end of this -cross-cut we sank a-winze down Bft in wash, the last, 12in of which was cemented. This winze appears to have gone, down on what must be the eastern wall of another, gutter, as the east side of the winze is schist bottom and the west side is wash. This winze is now stopped, as, although it was still in wash, no useful purpose would\be served by continuing it further. We have now come back to the foot of the rise, and are driving from here underneath the old cross-cut. This will bring us about sixfeet below, the bottom of the winze, so that we should be low enough to be able to follow this new gutter down hill as well as up. As this new gutter is close to where the geophysical survey indicated was the . lowest part of the valley bottom, there is a possibility that this may be found to bo the main channel leading in a or less straight line up to the old King Solomon shaft. In order to test the false bottom which was' supposed to yield values when the King Solomon shaft was sunk through it, an attempt is being made to open out on this fake bottom from the old King Solomon shaft. This shaft, which collapsed when the old King Solomon mine was working, is very badly twisted. We are attempting to open out from the south side of the shaft at • a depth of 51ft- 'from the surface, and unless'the ground is too heavy for us, will drive south on an n,■n grade so ns to test the wash bet ween oOft and 40ft. TALISMAN” DUBBO MIKE Talisman Dubbo Mines Ltd. report that 62i tons of ore were treated at the Golden Daivn battery for £330, actual, realisation.

FROM QUOTAS TO TARIFFS

BRITAIN'S NEW POLICY FOR DOMINIONS \■ ' ~ EMPIRE TRADE TALKS [Contributed.] LONDON, April 16. The modification of Britain’s system of quotas in favour of duties $n imported agricultural produce has 'been foreshadowed within the past four weeks by three British ■ Ministers—Mr Stanley Baldwin, Lord President of the Council; Mr J. H. Thomas, Secretary for the Dominions; and Mr Walter Elliot, Minister of Agriculture and author of the, quota policy. The Empire meat agreements are, of couyse, already under x - evision, and the present arrangements for the free import of dominion dairy produce arc to end in September, It appears almost certain that the iriaguration of a full tariff policy, with preferences to dominibn produce, will be discussed iu the near future. It may be raised at the Empire trade talks in which dominion Premiers are to take part at the end of the Silver Jubilee celebrations next montig and also at the Imperial Conference nest yearl The first official indication of a change of policy was made by Mr Thomas in a speech at the Mansion House last month, when he confessed “he had never believed that quotas were a good thing, either for Britain or for the dminions, and thought that a preferential tariff system would bring much more satisfactory results.’’ MR BALDWIN’S PROPHECY, A week later Mr Baldwin, addressing the Incorporated Chamber of Commerce at Liverpool, said: I think, so far as I can see, that the tendency of the Government will be to turn from quotas. We have had some experience of quotas being used against ourselves, and 1 think the feeling of business men is that, they would much prefer a duty and hare done with it. , . “ I am quite convinced that m foreign countries and in our dominions opinion lias turned in that direction, and I think it extremely likely that in our future fiscal policy the tendency will be to get away from the quota system and rely on-a .system of duties,’’ Mr Elliot’s remarks, made in a speech to the/Birmingham Unionist Association four days ago, were not openly critical of the quota system, though he freely confessed his belief in the efficacy of a tariff policy. Ho said : “ An earmarked tariff or a levy, relatively small, given over to home producers, may enable them to cover the home cost of production without raising prices to the consumer more than fractionally, if at all. That is the method we have followed with wheat, and we think that it also , urovides the best solution for the difficulties of the beef producers, who are ore of the mainstays of our agriculture.” - The substitution of duties for quotas on moat and' dairy imports has been urged within the past week by both the Scottish Chamber of Agriculture and the Central Landowners’ Association. The last-named body suggests an Empire preferential system, the funds thereby ' produced being applied to securing standard economic prices to home producers. ' ■ FOOD MARKING ORDERS. ' The misdescription of retail products is again “in the news.” The nfewlyformed Retail Trading Standards Association is at present engaged in establishing codes for the accurate marking of wares in the clothing, drapery, china and glass, and furniture trades, and may possibly. extend its activities to the provision trade. The practice _ among Northern grocers of retailing cheap foreign butter, including Siberian, as “ best Kiel butter ” was brought before the notice of the Minister of Agriculture a few days ago by Sir John Hashing M.P. for’Bolton, and ex-president of the Grocers’ Federation. Sir John, who was invited by Mr Elliot to subunit evidence of definite evasion-of the marking order, has also written to northern newspapers and to the trade Press pointing out that the description of butter which has been packedin barrels or “ kiels ” as “ best Kiel butter ” is no longer a guarantee of quality. ' ; “ It will surely be a reflection on the good sense of northern housewives,” he says, .“if,.in the face of these revelations, they continue to neglect the butter which is offered them from the farm basket or the Empire box. merely because of some imaginary virtue iri the barrel.” .REMOVE THE “MARGARINE 7 , COMPLEX.” That local authorities- should celebrate Jubilee Year by providing inmates of public institutions with butter instead of margarine is urged by Mr Will Thorne, M.F., in a letter which has appeared in the Ikess. He refers to the example set by the London County Council in this respect, and expresses the hope that every other local authority will likewise “ remove the _ ‘ margarine complex ’ from its administration of public assistance.” The ..N(fw Zealand Dairy Produce Board this week will conclude its sales drive in Preston, Blackburn, Wigan, Burnley, Accrington, and Chorley, and early next month will open an extensive campaign in Liverpool. APPLES AND PEARS LONDON. May 18. Apples are in better demand, especially coloured varieties. New Zealand Cox’s, 8s 6d to 18s; Jonathans, 8s 6d to 11s 3d; Delicious. 9s 3d to 32s 3d: Dunn’s, 9s to 10s 9d : Stunners, 9s 3d to 10s; Cleonatras. 9s 6d to 10s 6d; Granny Smith 11s to 13s: Australian Jonathans, 8s Gd to 11s; Cox’s, 11s to I4s; Cleopatra,s, 9,s to 11s 3d: Dunn’s. 9s to 10s 6d; Granny Smith. 10s 9cl to 12s 6d : Stnfmers. 9s 3d to 9s 9d. Pears are slow owing to the cold weather. New Zealand boxes Winter Cole. 6s Gd to 9s 9d; Josephine, 6s to 7s 6d; Winter Nelis, 5s to 9s 6d ; Barry, 6s to 8s /3d; Tasmanian Josephine, 9s ,6d.

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE Shares in New Zealand industrial and trading concerns continued to be strongly favoured by investors this morning, but present holders showed no sign of weakening. Banking shares were also in good demand. In connection with Reserve Banks it is interesting to note that after June 14 present' holders of shares will not be able to increase their holding beyond 200. A sale of the fully-paid issue of Refrigeratings was reported at 20s, and further buyers at 19s 6d received no reply. Broken Hill Proprietarys had a closer market, Dunlop Rubbers were steady with business at 16s 9d, while Milburn Limes and New Zealand Drugs showed improvement. Little change was noticeable in the gold mining market. For the first time in weeks a seller of Government Loans appeared, 4 per cent, bonds (1949) being for sale-at £IOB 15s. SALES. Reported.—New Zealand Refrigerating (paid), £l. On-’Change.—Dunlop Rubber, 16s 9d (2), Bendigo Goldlight, Is. Quotations as under: —

Buyers. Sellers. a S. ' d. £ S< d. BANKING— Australasia 10 18 0 11 2 6 New Zealand 2 10 9 2 11 3 New Zealand (Long “ D ”) . ... — 1 14 3 Commercial — 0 15 9 H.S. and A 5 0 0 : — Reserve 6 13 0 — Union of Australia Ltd. . 8 14 6 INSURANCE— National - 1 1 C SHIPPING— P. and 0. Deferred ■ Stock 1 0 0 — U.S.S. Co. (pref.) ... 1 T 0 MEAT PRESERVING— N.Z. Refrigerating (paid) 0 10 6 — ■ N.Z. Refrigerating - (cont.) — 0 9 2 Southland .Frozen (paid) ., 3 15 6 — South Otago Freezing 6 13 0 —■ Waitaki Farmers’ Freezing 3 8 0 — LOAN AND AGENCY- » National Mortgage (“ B ” issue) i ii 0 Trustees, Executors and Agency / ... ... 3 3 6 — Wright, Stephenson (pref.) 0 19 9 1 0 3 COAL— * Kaitangata ... 1 0 0 1 1 6 Westport ... 1 1 6 1 1 9 MISCELLANEOUS— Broken Hill Proprietary ... 2 15 0 2 15 6. Brown, Ewnig (pref.) — 1 4 0 Bruce. Woollen Co. (ord.)' ... ... ... — 0 13 9 Consolidated Brick ... 0 8 9 0 9 3 Colonial Sugar Co. ... — 42 0 0 Crystal Ice Co. 2 2 0 — D.I.C. (ord.) 0 15 0 — Dominion Fertiliser ... 1 2 4 ■— Dominion Fertiliser Debs 105 0 0 —- Dominion Rubber ... — 1 11 0 Donaghy’s Rope and 0 Twine 2 10 Dunlop Perdriau Rubber ... Ivaiapoi Woollen 0 16 8 ' 0 16 10 (ord.) ... — 0 15 3 Milburu Lime and Cement, 2 4 0 — National Electric 0 9 3 — N.Z. Drug,Co 4 0 3 — ,N.Z. Newspapers ... N.Z. Paper Mills 1 16 1 14 0 6 1 18 0 ‘ Otago Daily Times ’ — ,2 12 0 Regent Theatre ... ... 0 17 0 — Smith and Smith (pref.) ... ... ... 1 X 0 — ‘Sun’ Newspapers .;. 0 6 2 0 6 4 Wilson’s (N.Z.) Cement ... ■ 1.1C 0 Woolworth’s (ord.) ... 11 0 0 ~ BREWERIES— New Zealand 2 U 6 2 15 0 Timaru 0 7 10 0 8 3 GAS— . Christchurch — 1 16 3 AUSTRALIAN MINING Electrolytic Zinc (ord.) ... 1 -4 9 1 5 3 Mount Lyell 1 0 1 1 0 6 Mount Morgan ... — 1 18 3 ’.OLD MINING— Bell-Hooper — 0, 0 3 Bendigo Goldlight ... 0 0 Hi 0 1 0J Big River 0 2 3 0 2 5 Charleston — 0 1 3 Gillespie’s 0 1 4* 0 1 5J Kildare — 0 3 5 Lawson’s Flat — 0 0 5 Maori Gully 0 1 7 .— Molyneux River ... '... 0 1 8 Moonlight-Nelson Creek — 0 .0 1 Nokoraai — 0 3 0 Skippers ■... 0 0 2 — Waihi ... 2 0 0 — Waitahu ". ... 0 2 9 —

N.Z. GOVERNMENT, LOANS — (Bonds quoted are £100 bonds.) 34 p.c. Stock. 19381943 • 104 5 0 _ 34 p.c. Stock, 1939‘1943 ... '...104 5 0 — 54 p.c. Stock, 1941- ■ 1943 104 b 0 — 34 p.c. Stock, 19331952 104 5 0‘ — 34 p.c. Stock, 1939- . 1952 104 5 0 — 34 P.c. Stock, 19411952 105 0 0 i — 4 p.c. Bonds v Jam 15, 1940 104 10 0 — 4 p.c. Stock, Jan. 15, 1940 ... ... 104 10 0 4 p.c. Bonds, Feb. 35, 1946 ... ... 107 15 0 — 4 p.c. Stock, Feb. IS, 1946 107 15 0 — 4 p.c. Bonds, April 15, 1949 ... 108 0 4 p.c. Stock, April 15, 0 108 IS ( ' 1949 108 0 0 — 4 p.c. Bonds, June 15, 1955 .. .; Ill 10 0 — 4 p.c. Slock. June 15. 1955 Ill 10 0 — UNLISTED STOCKS— Quartz Mountain ... 0 5 0 0 5 ‘ DIVIDENDS DUE. North Wairargpa Permanent Building and Investment SoMay cietv—Annual, 5 per cent. Westport Coal—Interim, 6d a share May Bank of New South Wales —Intorim, quarter]v, 6s a share, May Australian currency Farmers’ Trading 1 (Auckland) Final on A and B preference, May 7 per cent. p.a. ... ... A Stafford Dredging—6d per share May 31 Smith and Smith Ltd. (pref.p Annual. 5 per cent. June i Henry Jones Co-op.—Interim, 6d a share June Dominion Fertiliser—4 per cent. June per annum Reserve Bank—5 per cent. ... June 7 Bank of N.Z.—Final, 5 per cent. .1 une 1:, Broken Hill South—Is 6d ft share Juno 15 National Mans; of Australasia — Annual av the rate of 5 per cent, per annum ... : . .. Wilson's Cement —Final, 9d a share June — Placer Development—Interim, 2dol ‘10 cents,, Canadian cur., less July Can. absentee tax 5 p.c. 9 Bulolo . Gold Dredging—Interim, July Idol 20 cents • ... .... . ... 9