Commerce, Mining, & Finance

Evening Star, Issue 22069, 1 July 1935, Page 7

Commerce, Mining, & Finance

MEAT MARKET Press Association— By Telegraph—Copyright LONDON, June 29. Following are the current quotatations: — _ SHEEP. , New Zealand Sheep.—Canterbury and North Island selected cross-brecl wethers and maiden ewes: 57-641 b, o«d per lb: 65-721 b, 3*d, Ewes: Under 481 b 4Jd; 48-641 b, 2*d; 65-721 b, 2id. North Island: 48-561 b, 4d; 57-641 b, 3- 8 d; 65-721 b, 3|d. . ... Australian Sheep. First quality, cross-bred and/or merino '™thers; 40-641 b, 3d; second quality, 30-551 b, 3d; ewes, 30-551 b, 2Jd. • Argentine Sheep.—First quality crossbred wethers: 48-641 b, 3id; 65-721 b, 3id. Patagonian Sheep.—Wethers and/or maiden ewes: Under 601 b, 3|d; 50-601 b, 3Jd. LAMB. Argentine Lambs.—First quality: 361 b and under, sid; 37-421 b, 5Jd. Second quality: average about 281 b, s|d. Patagonian Lambs.—First quality: 361 b and under, 5Jd; 37-421 b, sd. Second qualtiy: Average about 281 b, s|d. New Zealand Lambs.—Canterbury: First quality—36lb and under, 7d: 37-421 b, 7d; 43-501 b, 6|d. Second quality: Average about 321 b, 6d. Other South Island: 361 b and under, 7d; 37-421 b, 7d; 43-501 b, 6Jd. Selected North Island, including Downs: 361 b and under, 7d; 37-421 b, 7d; 43-501 b, 6Jd. Second quality: Average about 321 b: 6Jd. Other North Island; First quality—36lb and under, 6Jd; 37-421 b, 6|d. Second quality: Average about 321 b, 5Jd. . Australian Lambs.—Victorian: First quality—36lb and under, sid; 37-421 b, 5Jd. Second quality: 361 b and under, Sid. Other States: First quality—36lb and under. 5Jd; 37-421 b, Sid. Second quality: 361 b and under, 5Jd. All States: Third quality, average about 281 b, s|d. BEEF. New Zealand Frozen. —Ox fores (160-2201 b), 2|d; ox hinds (160-2201 b), 3Jd. Australian Frozen. —Ox crops (1001 b and under), 3d; Ox crops (over 1001 b), 2Jd: ox binds (1601 b and under), 3fd; ox binds (over 1601 b), 3|d. New Zealand Chilled.—Hinds, 3Jd; fores, 2id. * Australian Chilled.—Hinds, 3Jd; Crops, 2id. . Union of South Africa Chilled.— Hinds, 3fd; fores, 2sd. Southern Rhodesia Chilled,—Hinds, Sd; fores. IJd. \ Argentine Chilled. —Ox fores (160-2201 b), 2sd; Ox hinds (160-2201 b), 43d. PIGS. New Zealand Pigs.—First quality: 60-801 b, Sid; 81-1001 b, 6id; 101-1201 b, 6Jd. Australian Pigs, First quality: 60-801 b, sid; 81-1001 b, 5Jd; 101-1201 b, sld. GLUT OF COFFEE Nf CONTINENTAL DEMAND A glut of coffee in the London market, due principally to the collapse oi the British re-export trade to the Continent, is causing anxiety among East African planters. The prospects of marketing _ this year’s crop from Tanganyika, which is already ripening and promises to be heavy, are discouraging, for large quantities of the previous crop, understood to amount to some 1,000 tons, still remain unsold in the warehouses of London agents. “ Unfortunately, the normal demand for coffee simply does not exist at present,” said a London broker recently. “ Practically half the imports of Empire coffee used to be re-exported abroad, mainly to Germany, but the imposition of duties by purchasing countries has virtually put an end to this trade. “ Tanganyika is not alone in feeling the adverse effects of the glut. Kenya produces what is acknowledged to be some of the finest coffee in the world, yet it is still possible to obtain in London supplies not only of last year’s crop, but of the year before that. The coffee market has seldom been in such an unsettled state.” CANADIAN WHEAT THE POOL OPERATIONS Press Association—By Telegraph—Copyright OTTAWA, June 28. The efforts of Mr John M’Farland, who' was appointed by* the Government, to stabilise wheat were revealed before the Grain Investigation Committee. In December, 1932, the pool owed the bank 3,000,000d01. Two months later it had paper profits of 34.000,000d01. In ,1933 it had 19,000,000d0l in the bank and paper profits of 39,000,000d01. Ten days later 7,000,000d0l of paper profits had vanished, and next day 9,500,000d0l of paper profits, and 7,500,000d0l from the bank were wiped out. In November, 1933, the pool owed the bank 51,000,000d01, and now the bank indebtedness was 78,000,000d01. With a net indebtedness 'of J1,500,000d01, the Government is holding 225,000,000 bushels of wheat costing on an average 83 cents.

FOREIGN EXCHANGE ON NEW ZEALAND CURRENCY BASIS The Bank'of New South Wales, Dunedin, quoted the following rates for purchase and sales of foreign exchange (all rates subject to alteration without notice)

DOLLAR RATES. The Associated Banks (other than the Bank of New South Wales) quoted the following dollar-stcrling rates to-day, which are subject to alteration -without notice On a New Zealand currency basis these rate* are equivalent to:— U.S.A. Canada. SELLING— T.T 3.96 3.961 On demand 3.96£ 3.971 BUYING— On demand 4.011 4.01| FOREIGN EXCHANGES (British Official Wireless.) Press Association—By Telegraph—Copyright RUGBY, Juno 29. (Received July 1, at 12.30 p.m.) The following are the mean closing rates:—

MOUNT ISA PROSPECTS A substantial improvement in the market price of shares of Mount Isa Mines Ltd. (Queensland) has taken place recently. The position of the company (says a Melbourne paper) has been strengthened by the rise in the price of silver, lead, and zinc. Another factor is the approaching production of zinc concentrates. The installation > of new plant, including a zinc flotation unit, is to be completed shortly. It is expected that the company will produce annually about 90,000 tons of zinc concentrates. THE SEARCH FDR COLD OKARITO RETURN The Okarito return for last week was 340 z 19dwt for 122 hours. MOSSY GREEK RETURN (Put United Pres* Association.! GREYMOUTH, Juno 30. The Mossy Creek return is 84oz 4dwt for 139 hours’ dredging. The amount of material treated was 11,979yd5. GILLESPIE'S BEACH RETURN The secretary of the Gillespie’s Beach Gold Dredging, Company Ltd. advises that the wash-up amounted to 470 z 3dwt for IJ9 hours’ dredging. MAHAKIPAWA REPORT The report of Mahakipawa Goldfields Ltd. for tlie period ending June 26, is as follows; No. 2 blocking strip south was advanced to 15ft. Yesterday there was only Ift of wash showing on the top left half of the face, but the last round has brought the wash down a further 2ft 6in. There is now _ a fairly well-defined gutter about 4ft wide showing in the face, and the indications are that this may go down still further. The co-ordinates of this face are now 1,482 south and 155 west. A blocking strip was started from the north strip and beaten out in an easterly direction alongside the previous blocking strip from the west side of the south crosscut. After going 6ft this hit the eastern wall, showing that the gutter is 13ft wide at this point. This was in good grade wash, but the yardage from the face w;as small. A blocking strip on east side of south cross-cut was beaten out for 6ft and then stopped when the bottom rose to 4ft from the floor. Tlie south cross-cut was continued to 20ft in hard bottom 4ft Gin above tho floor: co-ordinates of face 1,490 south by 138 west. MOUNT MORGAN LTD. PRODUCTION REPORT Mount Morgan Limited report that production for six weeks ended June 26 resulted in 20,319 tons of ore being quarried and 20,910 tons being treated by the concentrator, assaying 5.52dwt of gold and .36 per cent, of copper. Concentrates produced 862 tons, containing 3,6590 z of gold and 62 tons , copper. APPLES AND PEARS Press Association—By Telngraph—Copyright LONDON, June 29. Apples are in strong demand, London and Hull being practically the same. New Zealand Jonathans, 13s to 13s 9d; Granny Smith, 10s to 14s; Stunners, 12s 6d to 14s; Rokewood, 11s 3d to 14s; Doherty, 12s to 13s 6d; Australian Jonathans, 8s 6d to 12s 9d; Granny Smith, 11s to 16s 6d; Stunners, 13s 6d to 15s; Rokewood, 12s 9d to 14s; Dunns, 12s 6d to 12s 9d. Pears are selling readily in London. Boxes of New Zealand Winter Nelis, 14s to 15s; Victorian Winter Nelis. 17s to 18s 6d.

THE SHARE MARKET DUNEDIN STOCK EXCHANCE Business was fairly brisk at the opening call of the Exchange for the week, numerous sales being recorded. Increased offers were made for Bank of New Zealands and Unions, while Reserves eased slightly. There was strong support for meat preserving shares, and in the coal section Pukemiro Collieries were for sale at 25s 9d. Persistent inquiry for Consolidated Bricks •failed to reveal a seller. Milburn Cements recorded a further advance, and the market appears very firm. Staples’ Brewery shares were on offer at 345, and buyers increased their bid to 335. The only apparent change in the gold mining section was a slight hardening in Okaritos, buyers at 5s 9d failing to elicit a reply. Government Loans had fhe usual strong following. SALES. Reported.—Union Bank, £8 17s (late Saturday); Reserve Bank, £6 9s; New Zealand Refrigerating (cont.), 9s 5d (two); Bendigo Goldlight, lid (late Saturday). On ’Change.—Woohvorth’s (Sydney), £4 13s.

After Call.—‘ Sun ’ Newspapers, 8s 3d, Quotations as under:—

DIVIDENDS DUE Placer Development-Interim, 2dol 40 cents, Canadian cur., less National Bank of N.Z.—Final, Can. absentee tax, 5 p.c. ... July- 9 Bulolo Gold Dredging—lnterim Idol 20 cent* July 9 4 p.c. p.a., tax free July 13 G. J. Coles Ltd.—Quarterly (ord.) at 10 per cent, per annum July 15 N.Z. Breweries—Final, 3J per cent., 8 2-5 d a sliaro July 18 COTTON, RUBBER, ETC. Press Association—By Telegraph—Copyright LONDON, June 29. Friday’s closing prices were as follow: Cotton.—Spot, 6.85 d per lb; August, 6.29 d. Rubber. • Para, sd; plantation smoked, 6d. Jute.—July-August, £l9 17s 6d. Copra.—July-August, South Sea, £10; smoked. £10; plantation Habaul, £lO 10s. Linseed oil, £23. Turpentine, 43s 6d

Buying. Selling. London— £100 stg. N.Z ' T.T. £124 £124 10/ O.D. £123 10/ £124 8/9 Australia— £A to £100 N.Z 1 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. 4,00 3.96 O.D. 4.01i 3.96i Montreal— Dollars to £1N.Z ... T.T. 4.00| 3.96J O.D. 4.0l| 3.97i France— Francs to £1 N.Z ... T.T. 60.52 59.22 O.D. 60.82 59.27 Noumea— Francs to £1 58.47 N.Z ... T.T. 61.47 O.D. 61.87 58.52 Papeete— Francs to £1 58.47 N.Z ... T.T. 61.47 O.D. 61.87 58.52 Belgium— Belgas to £1 23.151 N.Z ... T.T. — O.D. — 23.166 Germany— Beichmarks to £1 9.610 N.Z ... T. — O.D. — 9.615 Italy— Lire to £1 47,23 N.Z. ... ... . ... T.T. — O.D. — 47.27 Switzerland — Francs to £1 11.926 N.Z . T.T. 12.326 O.D. 12.401 11.936 Holland— Florins to £1 5.698 N.Z ... T.T. 5.948 O.D. 5.998 5.702 Java— Florins to £1 5.674 N.Z ... T.T. 5.899 O.D. 5.949 5.678 J apan— N.Z. pence to 1 yen ... . T.T. - 17 13-16 Shanghai— N.Z. pence to 1 24 23-32 Dollar T.T. 23 13-32 O.D. 23 9-32 24 21-32 India and CeylonN.Z. pence to 1 22 23-32 rupee ... . .. T.T. 22| O.D. 22± 22 21-32 Hongkong— N.Z. pence to 1 33 3-16 34i dollar T.T. O.D, 33 1-16 34 3-16 Singapore— N-.Z, pence to 1 34 3-16 35i o dollar ... . .. T.T. O.D. 34 1-16 35 1-16 Sweden— Kroner to £1 15.790 15.460 N.Z . T.T. O.D. 15.830 15.470 Norway— Kroner to £1 16,200 15.870 N.Z. • T.T. O.D. 15.240 15.880 Denmark— Kroner to £1 18.208 17.878 N.Z .. T.T. O.D. 18.248 17.888 Austria— Schillings to £1 .. T.T. 20.57 N.Z O.D. — 20.59 ’ echoslovakia — Crowns to £1 93.65 , N.Z. .. T.T. — O.D. 93.70

Paris, franc to £1 74 33-64 New York, dollar to £1 4.94| Montreal, dollar to £1 ... 4.94* Brussels, belgas to £1 ... 29.20 Geneva, franc to £1 15.07 Amsterdam, florin to £1 7.231 Milan, lire to £1 59 It ' Berlin, reichmarken to £1 12.21 Stockholm, kroner to £1 19.39* Copenhagen, kroner to £1 Oslo, kroner to £1 22 19.901 Vienna, schilling to £1 ... 26 Prague, kroner to £1 ... 117* Helsingfors, marks to £1 226* Madrid, peseta to £1 35 31-3 r Lisbon, escudo to £1 1101 *Athens, drachmae to £1 515" Bucharest, lei to £1 492-i Belgrade, dinars to £1 ... 215 Warsaw, zlotys to £1 ... 26.06 Bio de Janeiro, pence to milreis H Buenos Aires, pence to dollar ... 36'Montevideo, pence to dollar 39* Bombay, pence to rupee 181 Shanghai, pence to tael 19 5-16 Hongkong, pence to dollar 26 7-16 Yokohama, pence to yen 141 Batavia, florin to £1 7.211 * Sellers.

Buyers, Sellers. £ s. d. £ S. d. BANKING— Australasia — 11 2 0 New Zealand 2 10 6 — Commercial — 0 16 0 E.S, and A — 5 2 0 National of New Zealand 3 9 0 — Reserve — 6 9 3 Union of Australia Ltd 8 16 0 9 o •0 INSURANCE— National 1 0 9 Standard ... 3 12 0 3 13 6 SHIPPING— Huddart, Parker (pref.) 1 6 0 1 8 0 P. and 0. Deferred Stock 1 1 6 —- U.S.S. Co. (pref.) ... 1 7 0 — MEAT PRESERVING— N.Z. Refrigerating 0 (paid) 0 19 — N.Z, Refrigerating 6 (cont.) ... 0 9 — Southland Frozen (paid) 3 15 6 3 17 0 South Otago Freezing 6 14 0 — Waitaki Farmers’ Freezing 3 10 0 — LOAN AND AGENCYNational Mortgage ... 2 10 0 National Mortgage 0 (B issue) 1 11 — N.Z. Guarantee Corporation Wright, Stephenson — 0 5 10 9 (ord.) 0 17 — Wright, Stephenson (pref.) 0 19 3 ~ COAL— Pukemiro Collieries ... 1 5 9 Kaitangata — 1 1 0 Westport 1 1 6 •— Westport-Stockton (pref.) 0 4 3 WOOLLEN COMPANIESKaiapoi (pref.) 0 18 6 12 — Mosgiel — 0 0 0 Wellington (ord.) ... 6 5 — ' ISCELLANEOUS— Associated News ... 1 3 3 — droken Hill Proprietary — 2 19 0 ‘rown, Ewing (pref.) ... 9 — 1 3 'onsolidated Brick ... 0 9 1 — l.I.O. (ord.) 0 15 6 — ■ominion Fertiliser ... 1 1 10 — 'ominion Rubber ... —. 1 9 0 kmaghy’s Rope and Twine 2 11 6 — .lilburn Lime and Cement 2 5 0 — N.Z. Drug Co. — 4 5 0 N.Z. Newspapers 1 18 3 1 19 6 N.Z. Paper Mills ... ‘Sun’ Newspapers ... Woolworth’s (Sydney) 1 14 0 —«■ 0 8 0 0 8 4 13 6 6 BREWERIES— New Zealand 2 13 6 2 14 6 Staples’ ... 1 13 0 1 14 0 GASChristchurch 1 16 0 — AUSTRALIAN MINING 0 Electrolytic Zinc (ord.) 1 6 0 — Mount Lyell 0 18 6 0 19 0 Mount Morgan — 1 17 0 GOLD MINING— Bendigo Goldlight ... 0 0 10 0 0 11^ Big River 0 2 4 0 2 0 Biackwater — 1 11 9 Charleston — 0 0 8 Gillespie’s 0 1 5 0 1 6 Golden Progress ... 0 0 3 •— Kildare ... — 0 3 3 King Solomon ... ... 0 3 8 0 3 11 Moonlight-Nelson Creek — 0 0 1 Mount David — 0 1 9 Maori Gully — 0 1 5 Nokomai — 0 1 6 Okarito 0 ' 5 9 — Oxonbridgo 0 0 5 — Skippers 0 0 2i 0 0 3 Waihi — 1 16 9 Waitahu — 0 2 11 N.Z GOVERNMENT LOANS(Bonds quoted are £100 bonds.) Si p.c. Stock, March, 193843 105 0 0 — 31 p.c. Stock, November, 1938-52 107 5 0 — 31 p.c. Stock, March, 193943 105 0 0 —* 3V p.c. Stock, May, 1939-52 107 5 0 — 5} p.c Stock. March, 194143 105 0 0 —> 31 p.c. Stock, May, 1941-52 107 5 0 — 4 p.c. Bonds, 1937-40 104 0 0 — 4 p.c. Bonds, 1943-46 108 0 0 — 4 p.c. Stock, 1943-46 108 0 0 ■ 4 p.c. Bonds, 1946-49 108 0 0 — 4 p.c. Stock, 1946-49 108 0 0 — 4 p.c. Bonds, 1952-55 111 0 0 — 4 p.c. Stock, 1952-55 111 0 0 —