Commerce, Mining, & Finance

Evening Star, Issue 22086, 20 July 1935, Page 13

Commerce, Mining, & Finance

FOREIGN EXCHANGE M NEW ZEAUNI CURRENCY BASIS The Bank of New South Wales, Dunedin, qiloted the following rates for purchase and ssl6s of foreign exchange (all rates subject tb alteration without notice) : Buying. Selling.

CELLAR RATES. • ■■ . : The Associated Banks (other than the Bank of New South Wales) quoted the, following dollar rates to-day on a New Zealand currency basis. They are subject to alteration. without notice U.S.A. CANADA. (Per £1 N.Z.) (Per SI N.Z.) SELLING—- - T.T. (del.) ... ... 3.97 L 3.97 J O.D, (dol.) ... ... 3.97| 3.98* BUYING— O.D. (dol.) ... ... 4.OSH ‘ 4.03

COMPANIES REGISTERED Thek ‘ Mercantile Gazette ’ notifies th# registration of the following companies:— , Stronacb, Morris, and Co. Ltd. Registered as ,a titivate company June 19, ; Timaru Lime Company Ltd. Registered as a public company July 11. Office; 241 a Stafford street, Timarh. Capital: £13,000 into 13,000 shares of £1 each. Subscribers: Tiiharu—P. A. Elworthy 100, P. S. Enting 1, M. M. Enting 1. Christchurch—W. L. Hughes 100, C. L. Purdie 1. F. G. Dunri 1. Dunedin—J. Richardson 100. Objects: Lime manufacturers, colliery proprietors, cbal arid coke and incidental.

AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, July 19. On the Stock Exchange leading company shares were very firm, Commonwealth Bonds were quiet, and mining business slack. AFTERNOON SALES. £ s, d. Bank of New South Wales 32 15 0 Commercial Bank of Syd- q ney (New Zealand de-

RUBBER FOR RUSSIA The value of Soviet Russia’s purchase of rubber in Great Britain during April last amounted only to £l,OOl, compared with £117,141 m the corresponding month a year ago. This sharp fall in the Soviet’s foreign purchases of a raw material essential to the implementing of the second Five Year Plan is accounted for by the rapid increase in internal sources of* production. As long ago as 1932 it was announced that 9 rubber productive plant called Tau-sagis had been discovered. It flourished in a temperate climate at altitudes between 3,000 and 4.000 ft. The roots weighed between 21b and 41b, and gave a -40 per cent, lactic yield, from which about 15 per cent, of pure rubber could be obtained. Beyond this source of supply, there is the development of synthetic methods of manufacture to be taken into account. MOUNT LYELL \ Fret* Association— By Telegraph—Copyright LONDON, July 19. (Received July 20, at 11 a.m.) Mount Lyell shares are • quoted at 15s. BUTTER PRODUCTION THE AUCKLAND PROVINCE [Pu Umratt Fkeis Association.) AUCKLAND. July 19. It is estimated that the average payment to the dairy farmers in the Auckland province for the season now ending will be about 9Jd per lb butter-fat net. The net payment in the previous season was probably a shade under 9d Rer lb. Approximately every Id per > butter-fat is worth £1,000,000 to the province. The increased payment this season means a distribution of about £600,000 more. Production in the province, however, is about. 3 per cent. lower for the season, and this probably reduces the extra distribution to from £350.000 to £400.000. , , , The cheese factories have not fared so well during the season as the butter factories, judging by the trend of London prices. There has been some mention of certain cheese factories turning over to butter production, while dual factories in the province have been considering their position. HAWKE'S NAY FARMERS’ DIVIDEND The annual meeting of the Hawke’s Bay Farmers’ Co-operative Association Ltd. was held in the • association’s premises, Hastings, this week, the chairman of directors, Mr J. W. Hardmg, presiding. The directors' report stated that, after allowing for the payment of rebates to shareholders at the rate of 12 j per cent, on various commissions contributed and 2 per cent, on goods purchased, and making provision for depreciation on buildings, plant, etc., and for estimated amount of income talc, the balance of profit, including £9,567 5s brought forward from last year, amounted to £20,954 18s 4d, which the directors recommended Should be allocated to paying a dividend of 6 per cent, on paid-up capital and adding the sum of £1,500 to the reserve fund, the balance to be carried forward.

CHRISTCHURCH MARKETS INCREASED POTATO VALUES ♦ WAIPIATA’S BIG SHIPMENT. (Pi* Unitkd Prsss Association.) CHRISTCHURCH. July 19. Mainly because of a heavy shipment totalling 14,103 sacks taken to the North Island yesterday in the Waipiata the potato market in Christchurch showed a slight weakening for the day, but this is the first .check since the rise Set in a fortnight ago. There has been some demand from the north, but in the opinion of some merchants not nearly enough to justify the prices which were reported to have been offered farmers and paid to merchants among themselves. 'The- values, they claim, are entirely fictitious, especially as there is noil' only two- months oi the season left. The market is extremely difficult to judge because everybody interested in potatoes has a different idea of values, and is able to quote, instances of actual sales winch range over £1 from the highest to the lowest. Sales f.o.b. Dakotas at more than £9 and of whites at £B 10s are reported. The Waipiata lifted 1.359 sacks from Bluff, 5,844 from Timaru. and 6,900 from Lyttelton, a load tnat should keep the northern market quiet for some time. Another heavy boat will sail next week, but it is unlikely that it will be as heavy as the \> aipiata. which was a record for the season. and probably for last season, too. In the meantime while trade is in an almost hysterical condition over the market, farmers continue to hold on to what they have. Only small lots can be bought, because the farmer, havinp seen potatoes rise about £2 in the last couple of weeks, is afraid to sell now lest they go still higher. Quotations on trucks have varied. One merchant yesterday quoted £5 16s to £6 5s for whites and £7 for Dakotas, while another quoted £6 15s to £7 for whites and £7 to £7 5s for Dakotas. AugustSeptember quotes for whites are up to £8 10s and £9 10s for Dakotas, f.o.b. The big shipment by the Waipiata seems to indicate that there will he no shortage of potatoes in the South Island, and there is little prospect now. with the Sydney market slipping, of a shipment to Australia. There has been inquiry for oats during the week, Gartons being quoted at 3s°3d. Duns have also been asked for. and are worth 3s to 3s 3d. Very little business is passing in chaff. , . , . • The small seeds trade is undergoing the usual midwinter calm, and practically no business is being done. GOLD IN NEW ZEALAND THE LOW-GRADE AREAS “ The amount of gold contained in the low-grade areas in New Zealand might easily be sufficient to pay the National Debt, and I do not doubt that every encouragement will ultimately be given bv the Government to ( assist the exploitation of such areas, said Mr F G. Pratten, chairman of Alluvial Gold Ltd., Melbourne, at a recent extraordinary meeting of shareholders in that company. ~ “ It is the opinion of your directors, he added, “ that a little more encouragement should be afforded by tho Government on the principle that gold mining is equally as important a primary industry as tho production of wool and mutton. It requires no commercial agents to sell, and is the only product in Australia and New Zealand to-day which the world will take in unlimited quantities at a settled price without quotas/'’ Mr Pratten said that the New Zealand Government collected a tax of 12s 6d an ounce on gold exported, though it was understood that consideration was being given to cancelling the tax. A large amount of exploratory work has been done in New Zealand by Alluvial Gold, and 120 areas have been examined, many of which have been extensively bored, with the result that only three—viz., Barrytown, Kaniori, and Arahura Valley—have so far been proved of sufficient value to warrant equipment under present conditions. Extensive deposits of low-grade, easily dredgeable ground have been disclosed, but the values are not sufficiently attractive to warrant equipment, which of necessity would need to be on a very large scale. The company has made arrangements with the Commonwealth Government to make an examination of the country between Darwin and the Western Australian border of the Northern Terri® tory, and to that end an engineer and staff are leaving for Darwin forthwith. Developments in Papua are definitely encouraging, and every assistance is being afforded by the Administration to develop the resources of both Misima and Woodlark Islands. NEW GUINEA GOLD SHARES Preto Association—By Telegraph—Copyright LONDON, July 19. (Received July 20, at 10 a.m.) New Guinea gold shares are quoted at 4s 1-Jd.

London— £100 stir. N.Z. T.T. £124 £124 10/ , O.D, £123 10/ £124 8/9 Australia— . £A to £100 N.Z. ... ... T.T. £101 £100 10/ Fiji— , £F to £100 ' N.Z T.T. £90 7/6 £89 New YorkDollars to £1 N.Z T.T. 4.01i O.D. 4.02| 3.971 3.97! Montreal— Dollars to £1 N.Z. ... ...» .. T.T. 4.011 3.97J France — O.D. 4.02$ 3.981 Francs to £1 T.T. 60.64 O.D. 60.94 N.Z. ... ... .. 59.34 59.39 Noumea— ,, Francs to £1 N.Z. T.T. 61.59 58.59 O.D. 61.99 58.64 Papeete— Francs to £1 58.59 N.Z - •• T.T. 61.59 'i O.D. 61.99 58.64 Belgium— Belgas to £1 N.Z ... T.T. — 23.248 O.D. — 23.263 Germany— Beiclnnarks to £1 N.Z. ... T.T. — 9.646 Italy— O.D. — 9.651 Lire to £1 N.Z. ... ... ... T.T; — 47.44 ■witserland— ‘ O.D. — - 47.48 Francs to £1 T.T. 11359 li.959 N.Z. ... ... ... ’ Holland— O.D. 11434 11.969 Florins to £1 N.Z. ... ... .. T.T. 5.972 5.722 O.D. 6.022 5.726 JavaFlorins to £1 T.T. 5.915 N.Z. 5.690 O.D. 5.965 5.094 Japan— N.Z. pence to 1 yen ... T.T. - 17 15-16 Shanghai— N.Z. bence to 1 dollar ... ... T.T. 22 27-32 24 5-32 O.D. 22 23-32 24 3-32 India and Ceylon— N.Z. pence ; rupee .... ... T.T. 22j 22 23-32 O.D. 22± 22 21-32 Hongkong— N.Z. pence to 1 dollar T.T, 311 32 9-16 O.D. 31} 321 Birigabore— N.Z. pence to 1 dollar ...... T.T. 34 7-32 35 5-32 • O.D. 34 3-32, 35 ; 3-32 Sweden— 1 ' Kroner to’ fil’ : ■ N.Z, T.T. 15.791 O.D. 15,831 15.461 15.471 ■ Norway— " Kroner to £l N.Z, ,. T.T. 16.202 15.872 Denmark— O.D. 16.242 15.882 Kroner to £1 N.Z T.T.. 18.208 17.878 Austria— O.D. 18.248 17.888 Schillings to £1 20.57 N.Z ... ... T.T, — O.D. — 20.59 Csechoslovakia— Crowns to £1 ' "N.Z. ■ ;... T.T. ' — O.D: — 94.85 94.90

livery) .. 18 12 0 National Bank (£5 paid) ... 6 11 0 Union Bank ... ... ... 9 6 0 Colonial Sugar ... 45 0 0 Adelaide Steam ... 1 11 6 Huddart, Parker 1 19 9 Burns, Philp 3 5 0 Australian Gas (A) 8 3 0 British Tobacco 2 0 3 Tooth’s ' 2 15 3 Toohey’s 1 10 74 G. J. Coles ... 3 2 0 Morris, Hedstrom 1 2 0 Henry Jones ... 1 17 6 David Jones ... 2 1 6 Anthony Hordern 1 0 1 General Industries 1 0 0 General Industries (pref.) 1 5 0 Amalgamated Textiles 0 11 7 John M'Grath ... ... 1 16 0 Mount Morgan ... ... ... 1 17 0 South Broken Hill 4 11 6 North Broken Hill 6 16 6 Bulolo Gold .8 16 0 Malim Natf ar '0 18 3 Placer Development 32 0 0 MELBOURNE, July 19. Bank of Australasia 11 3 0 Commercial Bank of Sydney 18 8 0 National Bank (£5 paid) ... 6 11 0 Goldsbrough, Mor,t 1 10 3 G. J. Coles 3 2 6