Commerce, Mining, & Finance

Evening Star, Issue 22272, 25 February 1936, Page 7

Commerce, Mining, & Finance

WANGANUI WOOL SALE

SLIGHT ADVANCE IN MEDIUM CROSS-BREDS [Pkk Uwitmd Prkss Association.! WANGANUI, February 24. • Values for medium cross-bred wools appreciated slightly on late rates at the Wanganui wool sale, which was lislcl to-day. The sale was the second of the current season's series to be held in this centre. A full bench of buyers operated, and bidding was keen at very definite limits. . Fully 95 per rent, of the offering, which exceeded 30,000 bales, was sold under the hammer, disclosing the now fairly general tendency of growers to meet the market. Bradford was a more active operator than at the sale in January. The German mills were prominent, and a large percentage of th« offering suited the Continent. France, Japan, and, to a lesser extent, [America, were in the market for wools suitable to their respective trades. Grutchings showed a very appreciable advance. Compared with the values at the last Wellington sale the average prices showed the following position: — / 50’s, no change. 9Jd. 48’s, up a farthing, B|d. 40 to 44’s, up a farthing. 8d to BJd. 36’s par to id up, "id to Bd. Lambs’, free of seed, firm, 10}d- to I2Jd. Slightly seeded, fd up, 9d to IOJd. Bellies and pieces, par, 5Jd to 7d. Grutchings, id to id up, 7d to 81d. , The following is the official range of prices:— Fine half-bred 56/58 — Super, to 15Jd. Average, 13d to 14d. Medium half-bred 50/56 —- ■ Average, lid to 12id. > Inferior, 9J-d to 10d._ Extra fine cross-bred 48/50 Super, 10Jd to lid. i Average, 9d to IDJd. Inferior, 7id to B]d. Fine cross-bred, 46/48Super, 91d to lOd. Average, 8d to 9d. Inferior, 7id to 8d; Medium cross-bred, 44/46Average, 7Jd to BJd. Inferior, 7d to 7 Jtl. Coarse cross-bred 40-44 Average, 7Jd to Bid. Inferior, 7d to 7id. Hoggets— Fine 48/50, 9d to loid. Medium, 46/48, B}d to 9id. Lambsdown—--50/56, lid to 14id. Fine 46/50,'9]d to 12jd. Seedy and inferior— All grades, 7d to Bid. Bellies and pieces— Cross-bred, good to super, 6Jd to 7id. Cross-bred, low to medium, sid to 5Jd. Grutchings— Medium to good, 73d to Bid. Inferior and seedy, s]d to 6id. Locks—- . , Cross-bred, 4Jd to 5Jd. : . SYDNEY WOOL SALES PnM At»oei»tioß—By Telegraph—Copyright SYDNEY, February 24. At the wool sales 12.672 bales were offered; and 11,738 sold, while 1,182 ;were disposed of privately. Competition was spirited from _ all sections, with increased American support. The hardening tendency reported last week may now be quoted as an advance of 5 per cent, on all descriptions compared with_ earlier sales last week. Greasy merino made to 24Jd. The average price last week was £2O 3d 5d a bale, or 16.8 d per lb. BUILDING SUBSIDIES PRACTICAL SUSPENSION OF SCHEME [Pm Uhitrd Press Association.] WELLINGTON, February 24. Subsidies are to continue available in approved cases under the existing rules in respect of new dwellings involving a total contract price not exceeding £7OO, but all other building subsidies hitherto granted from the Unemployment Fund are to be abolished. This information was given in the following statement issued to-night by the Minister of Labour, Mr H. T. Armstrong :—■ Cabinet has decided that the scheme under which subsidies have been granted from the Unemployment Fund in respect of the renovation and alteration of private dwellings would cease forthwith, and no new % applications would be received. The scheme was brought into operation by the previous Government on April 1, 1935, in accordance with the Government’s policy of assisting the workers to secure their owii'homes. The subsidy scheme in respect of the erection, of new dwellings will be retained in the meantime, but the subsidy will be restricted to dwellings involving a total contract price of not more than £7OO. Applications already submitted under either of the schemes mentioned will be dealt with on their merits and under the rules existing hitherto. To avoid hardship, consideration will be given to applications by persons who, in anticipation of receiving the subsidy, have actually incurred a definite financial commitment. It will be a condition in such cases, however, that the application shall have been received by the local certifying officer not late’r than Monday next, March 2 Questioned upon the point, the Minister stated that where local bodies contemplate any comprehensive housing plan but are restrained from giving effect thereto because of restricted finance he would be very pleased sympathetically to consider requests for reasonable assistance.

AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, January 24. On the Stock Exchange Australian Government securities were freely offered, the general trend of values being downwards. Bank shares were again strongly supported, but industrial shares were quiet.

ELECTROLYTIC ZINC REPORT The following is the Electrolytic Zinc Company’s production statement for the four weeks ended February 5, the figures for the four-weekly period ended January 8 being given in parentheses; Zinc,-6,395 tons (5,407 tons), of which used at works 80 tons (70 tons) ; silver product for shipment to Port Pirie, 17,5000 z (16,000 oz); lead product for shipment to Port Pirie for realisation 190 tons (200 tons). THE SEARCH FOR GOLD JONES NEVIS SLUICING Quite a reliable report was received this morning from the Nevis, to the effect that at present the Jones Nevis Sluicing Company is operating on some very likely looking country. The wash that has been exposed on the high reef can be seen to be carrying values, and the deep ground also shows a decided improvement.—Cromwell correspondent. MATAKI RETURN AUCKLAND, February 24. The Mataki return for the week ended February 23 was 220 z for 84 hours’ work. BIG RIVER REPORT The following is the Big River Cold Mines Ltd. report for the week ended February 20:—Shaft repairs were continued satisfactorily. There remained 30ft of shaft below No. 4 level to be straightened. No further movement in No. 4 chamber had taken place. Some repairs to Nos. 3 and 4 levels were carried out. TRANSVAAL YIELD The mines of the Transvaal, which produce nearly 40 per cent, of the world’s new supplies of gold, were responsible last year for an output of 10.776.634 fine ounces. This compares wfth 10,486,3930 z in 1934, and the returns indicate that the growth in the total yield, which, following the attainment in 1932 of the record figure of 11,553,5640 z, was for two years checked by the policy of extracting ore of a lower average grade, has been resumed. While to achieve this moderate increase in the yield the mines last year had to treat over 44,500,000 tons of ore, against 40,1X10,000 in 1934, the higher price of gold, which averaged 142 s lid a fine ounce, compared with 137 s 7Jd in 1934. and the old par of just under 80s. enabled them to reach a new high level of prosperity. The big rise that has taken place in the price of gold, expressed in depreciated currencies, has led to intensive new development, which is likely to affect materially the output during the next decade. According to a prediction made last month by Sir Robert Kotze, formerly the Government mining engineer in South Africa, the tonnage of ore milled will five years hence be increased by 50 per cent., and in 10 years is likely to be doubled.

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

DOLLAR 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.

OIL INDUSTRY CONFIDENT EXPECTATIONS Press Association —By Telegraph—Copyright LONDON, February 24. (Received February 25, at 9.30 a.m.) The ‘ Financial Times ’ expresses the opinion that the outlook for the oil industry is brilliant. Even oil sanctions are unlikely to invalidate the confident expectations of increased dividends for 1935 from the leading companies. Ansrlo-lranians, Rurmahs, Shells, and Trinidnd-Leaseholds are now between 90s and 95s apiece, and may exceed £5 within a few months, with the prospect of a further rise, if the prediction of an increase in the price of petrol is fulfilled. BANK DF AUSTRALASIA DIVIDEND DECLARED The Stock Exchange Association of New Zealand has been advised that a dividend at the rate of 8J- per cent, per annum, being a distribution of 4s 3d per share, less British income tax at 4e 6d in the pound, has been de-

dared by the Court of Directors of the Bark of Australasia. An interim dividend of 3s 6d per share at the rate of 7 per cent, per annum, less British income tax at 4s 6d in the pound, was paid on October 4.

This makes a distribution for the year at the rate of 7i per cent. The dividend will be payable at any branch of the bank in New Zealand at the current rate of exchange for sight bills on London on the date of negotiation. The New Zealand list of shareholders will be closed on March 2 for the purpose of the above-mentioned dividend, which .will b« paid on March 27.

MORNING SALKS. £ s. d. Commonwealth Bonds— 4 p.c., 1938 101 17 6 4 p.c., 1941 102 7 6 4 p.c., .1944 103 17 6 4 p.c., 1953 103 12 6 4 p.c., 1957 103 17 6 Com. Bank ot Sydney ... 21 8 1) National Bank (£5 paid) 7 15 0 Bank of N.S.W. 32 12 6 Toohey’s 1 13 9 Broken Hill Propty. (1st instalment paid) 1 10 7J Dunlops 0 15 9 6 Howard Smith 0 18 Meggitts ; 1 4 7* AFTERNOON SAJdES. Commonwealth Bonds— 4 p.c., 1938 102 1 3 4 p.c., 1941 102 11 3 4 p.c., 1944 103 15 0 4 p.c., 1947 104 10 0 4 p.c., 1950 103 0 0 4 p.c., 1953 102 15 0 4 p.c., 1957 103 17 6 4 p.c., 1959 104 0 0 4 p.c., 1961 104 12 6 Bank of N.S.W ... 35 12 6 Com. Bank of Australia ... 1 0 3 Associated News 1 3 0 Associated News (pref.) ... 1 4 0 Automatic Totalizators 1 1 6 Australian Gas (A) 7 17 6 Tooth’s' (rights) 1 14 3 Toohey’s 1 13 9 Carlton Brewery ..; ... 2 16 6 Drug Houses 1 10 9 Dunlop Perdriau 0 15 9 Goldsbrough, Mort 1 13 3 Winchcombe, Carson 1 13 0 Wilcox, Mofflin 0 12 0 Greater J. D. Williams ... 0 a 5 Henry Jones 2 i 3 Woolworth’s (first pref., ex div.) ... Electrolytic Zinc ... ... Standard Cement 2 0 0 1 19 9 1 3 3 General Industries 1 1 0 General Industries (new) 1 0 0 Mount Morgan 0 16 3 Broken Hill Proprietary ... 3 1 6 (first instalment paid) 1 11 4i Kuala Kampar 0 14 10 Rawang 0 9 9 Placer Development 5 4 6 Koroere ... 0 5 3 MELBOURNE, February 24. Commercial Bank of Australia ... 1 0 3 Australian Glass 4 7 6 Australian Iron aiid Steel (pref.) 1 6 0 British Tobacco ... 2 3 0 Broken Hill Proprietary ... 3 1 6 Howard Smith 0 18 6 Broken Hill South 5 17 O' North Broken Hill 8 2 0 Loloma i ... 1 3 3 Emperor 0 12 10

London— £100 stg. Buying. ■ Selling. N.Z Australia — . £A to £100. T.T. £124 O.D. £123 10/ £124 10/ £124 8/9 N.Z Fiji— £F to £100 T.T. £101 £100 10/ N.Z New York— Dollar to £1 " T.T. £90 7/6 £89 N.Z ' Montreal— Dollar to £1 .. T.T. O.D. 4.04* 4.05* 4.00* 4.00* N.Z France— Francs to £1 .. T.T. O.D. 4.031 4.04* 4.00* 4.00| N.Z Noumea— Francs to £1 .. T.T. O.D. 60.72 61.17 59.89 59.93 N.Z .. T.T. 62.52 58.52 Papeete— Francs to £1 O.D. 62.97 58.58 N.Z Belgium— Belgas to £1 .. T.T. O.D. 62.52 62.97 58.67 58.73 N.Z Germany— . T.T. O.D. - 23.430 23.441 Keichmarks to £1 N.Z Switzerland— Francs to £1 . T.Ti O.D. - 9.805 9.810 N.Z Holland— Florins to £1 . T.T. O.D. 12,331 12.436 12.061 12.066 N.Z .. T.T. 5.951 5.801 Java — Florins to £1 O.D. 6.011 5.805 N.Z Japan— N.Z. pence to 1 ,. T.T. O.D. 5.917 5.977 5.757 5.761 yen Shanghai'— N.Z. pence to 1 . T.T. O.D. - 17 39-64 17 19-32 dollar India and Ceylon— N.Z. pence to 1 T.T. O.D. 17 11-32 17 5-32 18 23-32 18 45-64 rupee Hongkong— N.Z. pence to 1 T.T. O.D. 22 9-64 22 3-64 22 57-64 22 7-8 dollar Singapore— N.Z. pence to 1 T.T. O.D. 18 25-32 18 11-16 20 17-32 20 1-2 dollar Sweden— Kroner to £1 T.T. O.D. 34 25-64 34 13-64 35 29-64 35 7-16 N.Z Norway— Kroner to £1 . T.T. O.D. 15.785 18.845 15.490 15.500 N.Z Denmark— Kroner to £1 . T.T. O.D. 16.185 16.245 15.895 15.905 N.Z . T.T. 18.203 17.893 Austria— Schillings to £1 O.D. 18.263 17.903 N.Z. Czechoslovakia— Crowns to £1 T.T. O.D. 20.73 20.75 N.Z. ... T.T. O.D. — 94.65 94.70

SELLING— (Per £1 N.Z.) (Per £1 N.Z.) T.T. (doll 4.00* 3.99J O.D. (dol) 4.01* 4.00J BUYING— O.D. (dol) 4.05* 4.04*