Commerce, Mining, & Finance

Evening Star, Issue 22413, 10 August 1936, Page 7

Commerce, Mining, & Finance

JUNE BUSINESS BUOYANCY IN BUILDING INDUSTRY MATERIAL GENERAL IMPROVEMENT Statistics illustrating the state of business in June indicate a continuation of the buoyant conditions which have been manifest for some time past. The value of exports (states the 4 Abstract of Statistics ’) shows the expected seasonal decline from the May total, with consequential decreases in bank deposits, bank debits to individual customers’ accounts, and the overseas funds of banks on account of New Zealand business. . . . The normal seasonal slackening m industry in general, consequent on the winter falling off in farm production, has been partially counteracted by the exceptional buoyancy of building activity and an increase in public works construction, with resultant increased activity in trades allied to* building—e.g., sawmilling. Furthermore, while there are no current official data directly indicating movements in manufacturing, there is ample evidence pointing to a. continuation of increased activity in these industries. In consequence of the considerations outlined above the active circulation of bank notes shows an increase in June, contrary to the usual seasonal tendency, the average amount in circulation during the month being very little below the record level reached in April. The value of imports and the amount of sales tax collected also show increases over the May figures. A review of Dominion statistics under various headings affords an indication of the current state of business activity in comparison with the position a year ago. The statistics point to a material improvement in economic conditions generally; outstanding gains being shown by trade statistics for the year ended on June 30—a particularly significant period—and in building permit statistics, notably in respect of housebuilding, Activity in all branches of transport is considerably greater than was "the case'a year ago. The substantial increases recorded in bank debits, net note circulation, and totalisator investments all point to a material improvement in spending power. In' terms of New Zealand currency, < and excluding specie, exports during the si* months ended on June 30, 1936, were valued at £34,“230,823, an increase of as much as 26.3 per cent, over the total during the same, months of 1935 (£27,109,241). The excess of commodity exports over, commodity imports in New . Zealand currency was £14,370,371 during the six-monthly period, as compared with £10,391,431 . during the six months of 1935. Prices received for New Zealand produce in overseas, markets are substantially higher than was the case 12 months ago. a comparison of the declared values of the principal export products in June, 1936, showing the following increases over the corresponding prices in June. 1935: Increase per cent. Butter „~i ..... ... ..i, .37.1/ - Cheese V.. ... ... '...' 33,1 • Frozen beef ... ... ... 9.3 Frozen mutou ... ... 17.9 Frozen lamb ... 6.5 Wool (greasy) 20.4 The increase in. wool prices is of particular interest, while the low state of stocks _ in the principal consuming countries augurs well for the future prospects of prices of New Zealand ■wools. The stocks of wool (sold and unsold) held in New Zealand on June 30 totalled 43,700,0C01b in the grease, as compared with. 87,300,0001 b on June 30.1935. The value of imports during the year ended on June 30, 1936. was £39,459,909, as compared with £34,301,328 durthe previous June year. , The marked increase in imports , during last year resulted in a substantial decrease in overseas funds during the alack period of the exporting season, the net overseas funds of banks on account of New Zealand business falling from £ (N.Z.) 46,023,854 on June 24, .1935, to £ (N.Z.) .33,976,157 on October 23, 1935. (A small portion of the deciea&ti was caused by the repayment of part of an overseas loan.) As a consequence of the buoyancy in exports during the export season jjisfc ending overfunds have increased substantially since October last, despite a continued •relatively high level of imports, the total on June 29 being £ (N.Z.) 43,956,445—an increase of £ (N.Z.) 9,980,288 over the October .igure; but £ (N.Z.) 2.067,409 below the total on J un° “M 1935. ’ ' -Th® statistics of external trade for the last six months indicate a welcome degree of balance in the direction of movement m, exports and imports, both exports and imports beiuv substantially higher in value than ha;; been the case during these months for several years past. CDTTCN, RUBBER. ETC. ■PraM Association—By Telegraph—Copyright. . _ , . .LONDON, August 8. Friday s closing prices Were as follow: Cotton.—Spot, 7.02 d per lb; September. 6.51 d, Rubber. - Para, 10id; plantation, smoked, 7|d. . Jute.—August-Septembcr. £l7 15s. c ■ ~Z August-September South Sea, £l3 t s 6d; smoked. £l2 17s 6dplantation Rabaul, £l4 7s 6d. ’ Linseed oil, £29 10s. Turpentine. £2 Is 6d. THE APPLE MARKET Prsss Association—By Telegraph—Copyright . , LONDON, August 8. • Apples are lower. New Zealand, ex Coptic and Durham, Sturmers, 6s 8d to 9s; Homes, 9s to 10s. Australian Sturmers, 5s 9d to Bs. SYDNEY STOCK EXCHANGE Pres* Association—By Telegraph—Copyright. SYDNEY, August 8.

THE SEARCH FOR GOLD WORKSOP DIVIDEND At the monthly meeting of the directors of the Worksop Extended Gold Dredging Company Ltd., which was held on Wednesday, a dividend (the seventh) of 10 per cent, on the capital of this company was declared. The dividend, which will be payable on and after August 26, will absorb £1,600 free of income tax. The sum of £l6O has been added to the special reserve fund, which now stands at £1,120. With the above dividend included, a total of 70 per cent, on the capital invested has been paid to shareholders since dredging operations were commenced in August, 1934. MOSSY CREEK RETURN [Pxa Unhid Prkss Association.! GREYMOUTH, August 9. The Mossy Creek dredge obtained a a return of 460 z lldwt from 10,679yds for 132 hours’ work. OKARITO RETURN The Okarito return for last week was lsoz 15dwt for 126 hours’ dredging. BIG RIVER MINES The report for the week ended August 4 of the Big River Gold Mines Ltd. states:— No. 4 Level.—The stopes in south end ore being filled in and timbered, preparatory to commencing sloping operations on reef. In north end the level is being driven and timbering up proceeding, also the ventilation has been improved. Several timber sets have been placed in level at end of cross-cut. No. 5 Level.—The driving of this cross-cut towards the reef is in progress, two shifts being employed. No. 3 Level.—A dam has been constructed to hold water to supply rock drilling machines and working faces in Nos. 4 and 5 levels. AUSTRAL-NEW ZEALAND MINING From the prospectus of AustralNew Zealand Mining Ltd. some interesting information is afforded regarding the exhaustive amount of prospecting work undertaken on the Clutha by Austral Malay Tin Limited. The drilling and valuation were carried out by Dr Penseler and Mr Brigstocke, under the control of Mr M. F. G. Burrows, for many years chief field engineer for Austral Malay Tin Limited, in the East. A plan showing the situation of the property, and giving particulars of the boring results, accompanies the prospectus. The reports show that the dredging area already tested contains approximately 28,000,000 cubic yards, of an average value of three grains per cubic yard. The fineness of the gold has been found to be 939. parts per thousand, and as it is anticipated that dredging recovery, will not fall below 85 per cent, of the bore value, the return is expected to. be not less than 2.4 grains * of fine gold per cubic yard. With gold at £6 sterling per ounce, the average recoverable value of the ground is assessed at 7.2 d per cubic yard, or about 9d in New Zealand currency at rate of exchange. All-in costs are estimated not to exceed 2.8 d per cubic yard in New, Zealand currency. WAIPAPA RETURN Messrs W. A. Mitson and Co., secretaries of the Waipapa Beach Gold Dredging Co. Ltd., report the receipt of advice of a wash-up of 220 z 18dwt for last .week. ALEXANDER MINES The following is the report of the Alexander Mines Ltd. for the month of July:— No. 5 North Rise.—The rising was continued to 46ft above No. 5 level and a connection made with the bottom of the winze sunk from No. 4 intermediate. The rise followed stone of varying width from 3ft to sft. This connection shows continuous ore from No. 5 level to No. 4 intermediate, a distance of 81ft. No. 5 Level North.—The position of the face is now 243 ft north of the main crosscut. At 227 ft in. the reef narrowed down to a few inches in width, the face now showing reef track only. A crosscut was put out easterly and a few feet in the stone was again encountered, but more work requires to be carried out before its size and value is known.

Stoping.—Sloping has been carried on in the intermediate backs and also in the leading stope above No. 5 level. In the intermediate backs, the lode varies from two to nine feet in width of clean ore. The leading stope above No. 5 shows a reef of an average width of 3ft. 6in ; and has the appearance of widening in the next stope. Cattery.—During the period 500 tons of ore were crushed for 1970 z Bdwt melted gold. The cyanide department treated 284 tons of sands for 50oz sdwt bullion. The total estimated value of these returns is £1,585. In addition 13.1 tons of concentrates were savhd, valued at £414. (Note: In estimating the above values, gold has been taken at 140 s per line ounce.) Since the above report was written, advice has been received from the mine that the reef just refound in No. 5 level has been proved for 4ft Cin in width, with only one wall in hand. More work requires to be done to prove full width and values.

THE MEAT MARKET Frew Association —By Telegraph—Copyright LONDON, August 8. New Zealand ' Sheep.—Canterbury and North Island selected cross-bred wethers and maiden ewes: Under 481 b, 6Jd per lb; 48-561 b, 4Jd; 57-641 b, 43d; 65-72ib, 3Jd. Ewes —Under 481 b, 4£d ; 46-6-llb, 3Jd; 65-721 b, 3Jd. North Island: 48-561 b, 4§d; 57-641 b, 4id; 65-721 b, 4d. Australian Sheep.—First quality cross-bred and/or merino wethers: 40561 b, 4d. Second quality : 30-351 b, 4Jd; ewes, 30-351 b, 4d. Argentine Sheep.—First quality cross-bred weathers: 43-6411), 43d; 65-721 b, 3§d. Patagonian Sheep.—Wethers and/or maiden ewes; Under 501 b, 43d; 60-60Ib, 33d. Australian Lambs.—Victorian : First .quality: 361 b and under, 63d; 37-421 b, 6d. Second quality—36lb and under, 6jjd. Other States: First quality—36lb and under. 6|d; 37-421 b, s|d; second quality—36lb and under, 6d. All States: Third quality, 361 b and under. 6Jd. New Zealand Frozen Beef. —Ox fores (145-2101 b), 2fd; ox hinds (145-2101 b), 3fd. Australian Frozen Beef.—Ox crops (1001 b and under), 3Jd; ox crops (1452101 b), 23d; ox hinds (145-2101 b), 4id; ox hinds (over 1601 b), 4d. New Zealand Chilled.—Hinds, 53d; fores, 25d. Australian Chilled.—Hinds (1452101 b), 4Jd; crops (145-2101 b), 2Jd. Union of South Africa Chilled.— Hinds, 5Jd; fores, 2|d. Argentine Lambs.—First quality; 361 b and under, 63d; 37-421 b, 53d. Second quality: Average about 281 b, 6Jd. Patagonian Lambs.—First quality; 361 b and under, 6fd; 37-421 b, 5Jd. Second quality; Average about 301 b, 63d. New Zealand Lambs.—Canterbury: First quality—36lb and under, 7d; 37-421 b, 63d; 43-501 b, 6fd. Second quality—Average about 311 b, 6fd. Other South Island: 361 b and under, 7d; 37-421 b, 63d; 43-501 b, 6fd. Second quality—Average about 321 b, 7d. Selected North Island. including Downs; 361 b and under, 73d; 37-421 b, 6|d; 43-501 b, 63d. Second quality— Average about 301 b, 7d. Other North Island: First quality—36lb and under, 6|d; 37-421 b, 6gd. Second quality— Average about 311 b, 6Jd. Southern Rhodesia Chilled.—Hinds, 43d; fores, 2Jd. Argentine - Chilled Beef.—Ox hinds (145-2101 b), 6d; ox fores (145-2101 b), 33d. Uruguayan Chilled.—Hinds, 6|d; fores, 3d. Brazilian Chilled.—Hinds, 4|d. New Zealand Pigs.—First quality; 60-801 b, 6d; 81-1001 b, 6d; 101-1201 b, 6Jd. Australian Pigs.—First quality; 60801 b, 6d; 81-1001 b, 6d; 101-1201 b, 63d. THE METAL MARKET Press Association—By Telegraph—Copyright LONDON, August 8. The following are the official metal quotations:— , Copper.—Spot, £3B 6s IOJd per ton; forward, £3B 13s 13d. Electrolytic.—Spot, £42 ss; forward, £42 15s. Wire bars, £42 15s. Lead.—Forward, £l6 15s; spot, £l6 17s 6d. Spelter.—Spot, £l3 8s 9d; forward, £l3 13s 9d. Tin.—Spot, £lB2 15s; forward, £179 12s 6d. Silver.—Standard, 19|d per oz; fine, 21 3-16 d. WORLD WHEAT SUPPLIES AN OFFICIAL ESTIMATE Free* Association—By Telegraph—Copyright NEW YORK, August 8. The correspondent of the ‘New York Times’ writes: “Mr A. Black, chief of the Bureau of Agricultural Economics, in an interesting review, says the world wheat supplies for the 1936-37 season, outside of China and Russia, will be at least 230,000,000 bushels under the previous year and the smallest since 1926. The world production in 1936 is tentatively estimated at 3,510,000,000 bushels, 20,000 - 000 below 1935. The world carry-over will be 210,000,000 under last year, but still somewhat higher than the average prior to 1928.” 0 DECLINE IN CANADA , . . OTTAWA, August 8. The Dominion Bureau of Statistics to-day reported that the outlook for spring wheat in the prairie provinces declined 45 per cent, in July, due to drought. RICH SOVIET PROSPECTS MOSCOW, August 8. Despite the drought the Soviet wheat crop is likely to reach 100,000,000 tons, equalling last year, the richest in Soviet history. Sales will exceed last year’s namely, 1,000,650 tons. The Government has sufficient reserved for three years. SYDNEY PRICES , SYDNEY, August 9. The reaction on overseas wheat prices was reflected in Sydney yesterday. Market quotations were generally down one penny per bushel compared with the previous day. Bagged wheat is nominally about 4s lid.

THE SHARE MARKET

DUNEDIN STOCK EXCHANGE On a quiet market the outstanding features at the call over this morning were the rises experienced by Woolworth’s (Sydney) and Mount Lye 11 shares. Woolworth’s moved up 2s 6d to buyers at £5 14s, while sellers increased their limit by ss. Mount Lyells, which were available on Saturday at 28s 4d, had buyers this morning at 29s 6d and sellers at 30s. In the banking section quotations were unchanged. New Zealands, if anything, being slightly firmer. Insurance issues continued to be neglected, but there was a good inquiry for shipping shares. Refrigerating contributings had a late sale on Saturday at 9s 9d, and were in demand at 9s 7d without attracting a seller. In the loan and agency 'section, Loan and Mercantile ordinaries were wanted at £3l, with sellers £3 away. In the coal section, Kaitangatas had inquiry at 20s 6d, and Westports were firm with buyers at 235. Austrahan issues received more support, ■and prices generally were firm. Australian Glass had a buyer at 91s, but sellers would not ease on last week’s limit. Colonial Sugars had business at £42 17s 6d and £43, followed by further buyers at £42 10s. G. .1. Coles were a shade easier, with sellers at 81s, and Dunlop Rubbers were available at 18s 5d without attracting an offer. In the mining divisions Mount Lyells and Electrolytic Zincs were firm, while Mount Morgans eased ■to sellers at 14s Id, with no buyer over 13s 9d. Gillespie’s were stronger following the announcement of another good return, but other issues were unchanged. Government Loans attracted the usual preponderance of buyers' at last week’s rates. SALES REPORTED. New Zealand Refrigerating (cont.), 9s 9d (late Saturday). Colonial Sugar, £42 17s 6d, £43. Gillespie’s Beach, Is (late Saturday). Quotations as under:—

DIVIDENDS DUE Morts Dock—3 p.c ... ... Aug. 12 Farmers’ Fertiliser—s£ p.c. ... Aug. 15 North Kalgurli (1912) Ltd—Final fid (in sterling less British income tax) Aug 18 Pitt, Son, and Badgery—Final at 10 p.c. p.m Aug, 19 Bank N.S.W. quarterly, 5s share, Aus. cur. Aug. 28 Kuala Lumpur Tin—ls a share Aug. 28 Christchurch Gas —Interim, 3 p.c. August Associated Newspapers pref. and ord., 2 p.c Aug. 29 Elder Smith —Final, 3 p.c Sept. 1 Electrolytic Zinc —Ord. and pref., 6 p.c.. making 10 p.c. for year Sept. 10 Broken Hill South—Quarterly, 2s fid a share ... Sept. 18 TREASURY BILL TENDERS " 11 & (British Official Wireless.) Press Association—By Telegraph -Copyright RUGBY, August 7. The total amount applied for in tenders for £45,000,000 Treasury bills was £70,965,000. The average rate per cent, for hills at three months was 10s fid, against 10s 6.35 d a week ago. MOUNT MORGAN LIMITED PRODUCTION STATEMENT The production report of Mount Morgan Ltd. for the four weeks ended August 5 states:—Ore mined, 22,474 tons; concentrator treated, 22,450 tons, assaying 3.9ldwt of gold and .74 per cent, of copper; concentrates produced 906 tons, containing 2.7560 z of gold and 146 tons of copper. FOREIGN EXCHANGES (British Official Wireless.) Press Association—By Telegraph—Copyright.

Commonwealth Bonds— £ s. d. 4 p.c., 1938 101 10 0 4 p.c., 1941 101 12 o ’Anthony Hordern ... Broken Hill Proprietary (new) ... _ 0 19 0 9 1.“? 9 Colonial Sugar ... 43 5 <) G. J. Coles 4 2 g Standard Cement ... "! *” o 17 g iJVilcox Mofflin 0 12 G

Buvers. Sellers. £ s. d. £ s. d. BANKING — Australasia ... — 12 0 0 New South Wales — 33 0 0 New Zealand 1 19 9 2 0 3 New Zealand, Long D — 1 9 0 Commercial — 0 18 2 National of New Zealand 3 2 0 3 7 0 Union of Australia Ltd 9 2 0 9 12 0 INSURANCE— National 0 18 3 — SHIPPING— Howard Smith 0 19 3 Huddart, Parker (pref.) 1 7 9 — P. and 0. Deferred Stock 1 7 9 — U.S.S. Co. (pref.) ... 1 6 0 — MEAT PRESERVING— N.Z. Refrigerating (cont.) ... ... ... 0 9 7 — South Otago Freezing 7 15 0 LOAN AND AGENCY— N.Z. Loan and Mercantile (ord.) 31 0 0 34 0 0 N.Z. Guarantee Corp. 0 5 7 0 5 11 Perpetual Trustees 3 4 0 Wright, Stephenson (pref.) — 0 18 9 COAL— Kailangata ... 1 0 6 1 2 6 Westport 1 3 0 — WOOLLEN COMPANIES— Mosgiel - 9 17 0 MISCELLANEOUS— Anthony Hordern ... 0 18 10 Associated News ... 1 3 3 Australian Glass 4 11 0 4 12 0 Broken Hill Proprietary 3 12 3 3 13 6’ Broken Hill Proprietary (cont.) 2 14 0 Brown, Ewing (ord.) 0 16 3 Colonial Sugar 42 10 0 D.I.C. (pref.) 1 3 9 Dominion Fertiliser ... 1 5 0 . - Dunedin Stock Exchange Proprietary 2 2 6 Dunlop Perdriau Rubber .„ 0 18 5 G. J. Coles 4 I 0 Hume Pipe 1 1 0 Milburn Lime and Cement 2 2 9 ,, N.Z. Drug Co. 3 15 0 N.Z. Farmers’ Fertiliser 1 3 0 General Industries ... 0 19 0 Mort’s Dock 0 11 9 N.Z. Newspapers -... — 2 1 0 ‘ Otago Daily Times ’ — 2 9 0 Regent Theatre 1 0 0 1 1 3 Wilson’s (N.Z.) Cement — 2 0 0 BREWERIES— New Zealand 2 13 0 Dominion 1 7 0 — UNLISTED STOCKS— Woolworths (Sydney, ord.) 5 14 0 6 0 0 Woolworth’s (W. Aus.) 5 17 0 Shillings - Ltd 0 16 0 New River -- 0 0 10 AUSTRALIAN MININGElectro Zinc (pref.. £i) 2 3 9' Electro. Zinc (ord., £1) ... 2 i 0 2 1 9 Mount Lyell (£1) ... 1 9 6 1 10 0 Mount Morgan (2s 6d) 0 13 9 , 0 14 1 Upper Watut (5s) ... — 0 6 4

GOLD MINING— Argo Dredging (Is) 0 1 8 — Big River (Is) 0 2 0 0 2 1 Central Shotover (Is) — 0 0 5 Gillespie’s Is) , 0 1 3 0 1 44 Goldfields Dredging r (Is) — 0 0 4 King Solomon (Is) ... — 0 1 3 Lawson’s Flat (Is) ... — 0 0 4' Molyneux River (2s) 0 1 6 — Nokomai (5s) 0 1 9 0 2 2 Okarito (5s) 0 2 6 — Paddy’s Point (5s) — 0 3 3 Skippers (Is) — 0 0 4 Waihi Gd. Junction (2s) 0 3 6 — Waipapa Beach (Is) 0 0 8 0 0 11 N.Z. GOVERNMENT LOANS— (Bonds quoted are £100 Bonds.) 3£ p.c. Stock, Nov., 1938-52 102 15 0 _ 34 p.c. Stock, March, 193945 102 15 0 — 3i p.c. Stock, Sept., 1939-43 102 15 0 —- 3j p.c. Stock, May, 1939-52 102 15 0 — 34 p.c. Stock, Mar., 1941-43 102 15 0 — 34 p.c. Stock, Sept., 1941-43 ... 102 15 0 — 34 p.c. Stock, May, ■ 1941-52 ... 102 15 0 34 p.c. Stock, Nov., 1941-52 102 15 0 — 4 p.c. Bonds, 1937-40 101 0 0 — 4 p.c. Stock, 1937-40 101 0 0 — 4 p.c. Bonds, 1943-46 105 0 0 — 4 p.c. Stock, 1943-46 105 0 0 — 4 p.c. Bonds, 1946-49 105 0 0 — 4 p.c. Stock, 1946-49 105 0 0 — 4 p.c. Bonds, 1952-55 105 0 0 — 4 p.c. Stock, 1952-55 105 0 0 —

RUGBY, August 8. (Received August 10, at 1.30 p.ra.) The following are the mean closing rates:— Paris, franc to £1 ... ... 76 23-64 New York, dollar to £1 ... 5.021 Montreal, dollar to £1 ... 5.02^ Brussels, belgas to £1 ... 29.85 Geneva, francs to £1 Amsterdam, florin to £1 ... ... 15.43 ... 7.401 Berlin, reichmarken to £1 ... ... 12.50 Milan (nominal), lire' to £1 ... 63 13-16 Stockholm, kroner to £1 ... ... 19.394 Copenhagen, kroner to £1 ... ... 22 Oslo, kroner to £1 ... 19.90 Vienna, schilling to £1 ... 264 Prague, kroner to £1 ... 121| Helsingfors, marks to £1 ... ... 227 Madrid, pesetas to £1 ... 381. Lisbon, escudo to £1 ... ... ... 110 ♦Athens, drachmae to £1 ... ... 529 ♦Bucharest, lei to £1 ... 675 Belgrade, dinars to £1 ... 220 Warsaw, zlotys to £1 ... 26.75 *Rio de Janeiro, pence to milreis 44 Buenos Aires, pence to dollar ... 36 ♦Montevideo, pence to dollar ... 38 13-16 Bombay, pence to rupee ... 184 Shanghai, pence to dollar ... ... 14 13-32 Hongkong, pence to dollar ... •Yokohama, pence to yen ... ... 14 29-32 ... 14 1-32 Batavia, florin to £1 ... 7.37 ♦Sellers.