Commerce, Mining, & Finance

Evening Star, Issue 22383, 6 July 1936, Page 7

Commerce, Mining, & Finance

THE SEARCH FOR GOLD WDRKBDP EXTENDED RETURN The return of the Worksop Extended Gold Dredging Company Ltd. for the week ended July 2 was 50oz for 104. hours’ work. The amount of material dredged was 10,300yds'. MAEREWHENUA COMPANY The Secretary of the Maerewhenua Goldfields Development Company Ltd. reports the following progress for June :-One wash-up (No. 29) took place on June 17 and produced approximately 12oz 3dwt ot gold. Another wash-up (No. 30) is due now, but will be included in the July re- ' port The estimated value of the gold was £BB Is 9d, and the approximate mine expenditure, was £97. Part of this expenditure is in respect of the next washup. The extension ■ money, £124, for the month of July, in connection with the option to London, has been received. Word has just been received from the mine that the tunnel has been opened. The shifting of operations to Golden Gully will now be proceeded. with. ■ DM RIVER MINES The following is the official report for the week ended July 1: Shaft Repairs.—The main shaft has now been repaired to 20ft aboye No. 1 chamber. Certain opening out timbers at the chamber want/ replacing, , and this work is now being carried out. On examination the balance of the shaft to the surface was found to be in fair order. The centring and guides have been completed at No. 1 intermediate level, and in a few days ; the shaft should be in workable order to No. 4 level. MOSSY CREEK RETURN [Prat United Press Association.] GREYMOTJTH, July 5. The Mossy Creek dredge return was sooz lldwt for 124 hours’ work. A total of 9,035yds of material was treated. BENDIGO RISE AND SHINE (From Our Cromwell Correspondent.) Mr Frank Austin, manager of the co-operative party at present operating on the Bendigo Rise and Shine claim, reports for the week ended June 27 as follows:—“ Twelve tons of stone from the stope at 60ft level were milled for a yield of 14oz 18dwt of retorted gold, or' an average; of loz 4dwt 20grs per ton. At the time of writing the stone in the face is looking very well, and ' shows every indication of continuing to make a good block of sWne.” GOLDFIELDS DREDGE The secretary of the Goldfields . Dredging Company reports that for the past fortnight a return of lOoz 19dwt was recorded. MOTUROA OILFIELDS Moturoa Oil Fields Ltd. advise that the following report for the two months ended June 30 has been received:— No. 1- well produced 1,690 imperial gallons of crude oil. Total production to date, 23,513 imperial gallons. . No. 2 /well produced 14,613 imperial gallons of crude oil. Tota} production to date, 761,926 imperial gallons. No. 4 well produced 7,125 imperial gallons of crude oil. Total production to date, 115,798 imperial gallons. THE METAL MARKET Press Association —By Telegraph—Copyright LONDON, July 3. Tke following are the official metal quotations:— Copper: Spot, £36 14s 4Jd per ton; ■ forward, £3* 0s 7}d. Electrolytic: Spot, £4O 15s; forward, £4O 10s. , Wire bars, £4O 10s. Lead: Spot, £l3 6s 3d; forward, £ls 10s. Spelter: Spot, £l3 8s 9d; forward, £l3 15s. Tin: Spot, £175 ss; forward, £172 7s 6d. Silver; Standard, 19|d per oz; fine, 30i<L COTTON, RUBBER, ETC. Prsss Association—By Telegraph—Copyright LONDON, July 4. Friday’s closing prices were:— Cotton": Spot, 6.65 d; August, 6.59. Rubber: Para, 9|d; plantation smoked, 7|d. Jute: July-August, £l6 16s 3d. Copra: July-August South Sea, 12id; smbked, 12d; plantation Rabaul, 13Jd. Linseed oil, £2B 10s. Turpentine, 38s 6^l. DAIRY PRODUCE The New Zealand Loan and Mercantile Agency Company Limited has received the following advice from London under date Ist instant:—New Zealand choicest salted butter, 105 s to 106 s per cwt: cheese, 57s to 58s per cwt. Market firm. APPLES AHD PEARS ' Press Association—By Telegraph—Copyright. LONDON, July 4. The apple market is fair with inquiry firmer. Supplies of New Zealand ex Tongariro, Cumberland, Hororata, and Rangitata have arrived. New Zealand; Granny Smiths, 8s to 12sj Sturmers, 7s to 7s 6d. •i-.. West Australian: Granny Smiths, 10s 9d to 12s 9d. Tasmanian: Sturmers, 5s 6cl to 8s 3d. Pears are quieter. Australian; Boses, 8s 9d to 10s; Coles, 6s 6d (o 11s 6d.

THE WHEAT MARKET Press Association—By Telegraph—Copyright. LONDON, July 4. Liverpool futures: July, 6s*lid; October, 6s 1 13-16 d; December, 6s lid. THE MEAT MARKET Press Association —By Telegraph—Copyright. LONDON, July 4. New Zealand Sheep.—Canterbury and North Island selected cross-bred wethers and maiden ewes: Under 481 b, 4fd; 48-561 b, 4Jd; 57-641 b, 4id; 65721 b, 3id. Ewes: Under 481 b, 4id; 48-641 b, 3jd; 65-721 b, 3Jd. North Island : 48-561 b, 4fcl; 57-641 b, 4id; 65-721 b, 4d. Australian Sheep.—First quality cross-bred and/or merino wethers: 40-651 b. 4Jd; second quality—3o-351b, 4id. Ewes: 30-351 b, 4id. Argentine Sheep.—First quality cross-bred wethers: 43-641 b, 4ld; 65721b,' 3|d. Patagonian Sheep.—Wethers and/or maiden ewes: Under 501 b, 4id; 50-601 b, 3|d. Australian Lambs.—Victorian: First quality—36lb and under, 6Jd; 37-421 b, 6d; second quality—36lb and under, 6Jd. Other States: First quality—--361b and under. 6|d; 37-421 b, 6d; second quality—36lb and under, 6Jd. All States: Third quality—36lb and under, 6fd, New Zealand Frozen Beef.—Ox fores (145-2101b)', 2]d; ox hinds (145-2101 b), 3|d. , „ Australian Frozen Beef.—Ox crops (1001 b and under), 3Jd; v ox crops (1452101 b), 3d; ox hinds (145-2101 b), 3Jd; ox hinds (over 1601 b), 4d. New Zealand Chilled.—Hinds, 4id; fores, 2|d. _ . • Australian Chilled.—Hinds (1452101 b), 4Jd; crops (145-2101 b), 2|d. Union of South Africa Chilled. — Hinds,' 4|d; fores, 2|d. Argentine Lambs.—First quality : 361 b and under, 6Jd; 37-421 b. 6d; second quality—average about 281 b, 6fd. Patagonian Lambs.—First, quality: 361 b and under, 6fd; 37-421 b, 55d; second quality—average about 30lb, 61d. • , New Zealand Lambs.—Canterbury; First quality—36lb. and under, 7Jd; 37-421 b, 6Jd; 43-501 b, 6f d: second quality—average about 311 b, 6Jd. Other South Island: 361 b and under, 7id; 37-421 b, 6|d; 43-501 b, 63d; second quality—average about 321 b, 7d. Selected North Island. including Downs; 361 b and under, 7Jd; 37-421 b, 6Jd; 43-50 lb, 6Jd; second quality—average about 301 b, 7jd. Other NorthIsland: First quality—36lb and under, 7d ; 37-421 b, 6fd; second quality—average about 311 b, 6|d. Southern Rhodesia Chilled.—Hinds, 3|d; fores, 2|d.. Argentine Chilled Beef.—Ox hinds (145-210Ib), sid; ox fores (145-2101 b), 23d. Uruguayan Chilled.—Hinds, 4Jd; fores/ 2jd. Brazilian Chilled.; —Hinds, 4d. New Zealand Pigs.—First quality: 60-801 b, 5Jd; 81-lOOlb, s|d; 101-1201 b, s|d. Australian Pigs.—First quality; 60-801 b, 5Jd; 81-1001 b, 5Jd; 101-1201 b, s|d. PRICE OF HIDES Press Association—By Telegraph—Copyright. LONDON, July 4. Quotations for hides are largely nominal. Meatworks dry salted: Queensland, 35-45, 6id; 30-40, 6Jd; 25-35, 6id; 20-30, 6|d. New South Wales, 35-45, 6Jd; 30-40, GJd; 25-35, 6|d; 20-30, 6|d. Wet salted: Queensland 50-60, 4Jd; 40.-50, 4Jd. New South Wales, 50-60, sid; 40-50, Victorian Abattoirs 50-60, 4Jd; 40-50, 4Jd. ASSOCIATED MOTORISTS PETROL LAST YEAR'S RESULTS At the annual meeting of Associated Motorists Petrol Company Ltd., the directors’ recommendation “ that the balance of profit and loss account, £34,095 17s lOd, be distributed to shareholders in accordance with the memorandum and articles of association, plus 1 per cent., additional to preference shareholders, making the average 8 per cent, for the past three years,” was adopted. The chairman of directors. Mr Charles Todd, said the.figures at March 31, i> 1936, disclosed a strong financial position. The paid-up capital, £153,843 5s 4d, was £22,574 8s 4d greater than a year ago. accounted for by the £20,000 received for ordinary shares and the balance from sale and calls on preference shares. Of the latter, only 253 shares were unallotted, and the calls in nrreai £903 14s Rd. The item sundry creditors included provision for income tax, payable next February, and the balance outstanding, but notthen due. on the motor vessel Rlgmor cargo. Total assets showed at £253,077 17s Bd. Of this, fixed assets stood at £Bl,277 7s 7d. The total cost under this heading amounted to £110,478 2s 2d. Liquid assets were; Cash at bank, £73,927 19s 2d; stock of petrol, kerosene, and oil taken at landed cost, £74,539 13s 2d; sundry debtors, all quite good, £23,332 15s 9d. The company’s liquid funds fluctuated sharply'according to payments due for shipments, each of which amounted to more than £50,000. The profit and loss account showed a continued rapid growth in sales—the turnover for the three trading years being as under:—l934, £464,332 7s; 1935, £628.698 2s 7d; 1936, £774,001 0s 9d. The profit for the year amounted, to £34,095 17s lOd, which, after deduction of net profit from lubricating oil and kerosene trading, represented a return of .833 d per gallon on the turnover of motor spirit. Notwithstanding an increase in sales, profit for the year was approximately the same as for the preceding year. This was due to the increase in landed costs during the latter part of the trading year under review. If these higher landed costs continued it was reasonable to expect that such would, be reflected in the price of petrol in .New Zealand. The directors recorded their appreciation of the able and conscientious work of the management and staff. A staff provident fund was established as from February 1 last, the company contributing £SOO to start the fund, the employees’ contributions, fixed at 5 per merit, of their salaries, having been supplemented by an equal amount from the company.