COMMERCE, MINING, AND FINANCE

Evening Star, Issue 22608, 29 March 1937, Page 6

COMMERCE, MINING, AND FINANCE

THE SEARCH FOR GOLD WEST COAST DREDGES £Pbb United Press Association.] GREYMOUTH, March 28. The Maori Gully dredge return was 2ooz 7dwt for 110 hours, representing five days’ work. . The Mossy Creek return was 220 z 18dwt for 7,137yds treated and 107hours’ work. ELECTROLYTIC ZINC PRODUCTION The following is the production statement of the Electrolytic Zinc Company of Australasia Ltd. for the four weeks ended on March 10, with the figures for the four weeks ended on February 10 shown in parentheses : Zinc, tons, 5,359 (5,368), of which used at the works, 90 (90). Silver lead product for shipment to Port Pirie for realisation—lead, tons, 180 (160); silver, ounces, 32,500 (31,500). West Coast Department. Ore treated, tons, 12,076 (12,101); lead concentrates produced, tons, 780 (964) ;• zinc concentrates produced, tons, 4,266 (4,416). Assay values: Ore treated—lead, per cent., 5.6 (6.15); zinc, per cent., 20.8 (21.72); silver, ounces, 6.5 (6.79); gold, dwts, 2.0 (2.04). Lead concentrates: Lead, per cent., 56.1 (54.9) ; zinc, per cent., 12.7 (14.1); silver, ounces, 51.2 (49.4); gold, dwt, 11.0 (9.6). Zinc concentrates: Lead, per cent., 3.7 (3.4); zinc, per cent., 53.5 (53.9); silver^ ounces, 5.5 (5.3); gold, dwt, 1.8 (1.9). WORLD SHIPBUILDING RECOVERY SHOWN Shipbuilding, one of the last of the more important industries to emerge from the depression, continued to make rapid headway during the past year. None the less, the mercantile tonnage of vessels launched during the past year was still 24 per cent, below the level of 1929., The trend.of launchings in the United Kingdorii and abroad in recent years, as given in the annual statistical summary published by Lloyd’s Register of Shipping, is shown below, MERCANTILE TONNAGE LAUNCHED. (In thousands of gross tons.) U.K. Abroad. World. ,1918 ... ... 1,932 1,401 3,333 1929 ...* ... 1,523 1,271 2,793 1933 133 356 489 1934 ... ... 460 508 967 1935 ... ... 499 803 1,302 4936 ... ... 856, 1,262 2,118 While progress last year has been satisfactory,, the United Kingdom’s share of total construction has fallen, appreciably, from 55 per cent, in 1929 to 40i per cent, in 1936. The capacity of mercantile vessels launched abroad in 1936 was almost as high as in. 1929, while the tonnage constructed in Great Britain was still 44 per cent, below the pre-depression level. There has been a serious decline in foreign orders, partly due to subsidised constuction abroad, which is causing anxiety among shipbuilders in Britain. Nevertheless, the rising trend of world trade points to a further improvement in the industry this year. FOREGIN EXCHANGES (British Official Wireless.) Pres* Association—By Telegraph—Copyright RUGBY, March 27. (Received March 29, at 1 p.m.) The following are the mean closing rates Paris, franc to £1 11-32 New York, dollar to £1 4.88| Montreal, dollar to £1 ... ... 4.87! Brussels, belgas to £1 29.01! Geneva, francs to £1 21.44 j Amsterdam, florin to £1 8.92! Milan, lire to £1 92 13-16 Berlin, reichmarken to £1 ... 12.15 Stockholm, kroner to £1 19.39! Copenhagen, kronen to £1 22.40 Oslo, kroner to £1 19.90 Vienna, schillings to £1 26! Prague, crowns to £1 1401 Helsingfors, marks to £1 210 J Madrid, pesetas to £1 93 11-52 Lisbon, escudo to £1 ... 110 3-16 Athens, drachmae to £1 547! Bucharest, lei to £1 ... ... ... 6771 Belgrade, dinars to £1 213 Warsaw, roubles to £1 ... ... 26.06 Rio do Janeiro, pence to milreis 4] Buenos Aires, pence to dollar ... Montevideo, pence to dollar ... 39! Bombay, pence to rupee ... ... 18j Shanghai, pence to dollar 14 17-32 Hongkong, pence to dollar ... 14 15-16 Yokohama, pence to yen 14 Batavia,, florin to £1 8,891 . PRODUCTION COSTS BUSINESS OF THE FILM Losses sustained during the past few years by the British film industry have aroused wide interest not only among the general picture-going pub-

lie, but among business men and investors concerned in the various production companies. How have the losses arisen? Accord ing to ‘ The Economist,’ the explanation is to be found in the highly complex character of the film business. Every picture is necessarily so different from the last that costing is wellnigh impossible. If the budget for any picture is exceeded, the entire financial basis is upset. The distributor’s guarantee is not operative until the picture is completed and delivered. Additional finance therefore becomes necessary for a picture whose intrinsic value has not increased. There are extreme cases reported where a picture budgeted to cost £BO,OOO has not-left the studio until over £130,000 has been spent. Another difficulty has been the failure of the distributor to realise the gross return on the picture, on which the producer based his venture in the first instance. Sometimes this has been due to the failure of the picture to appeal to the public. At other times, however, the blame has been put on tl-j distributor, who may have merged the returns on a specified picture with those of a number of others in which the owners of the first picture are not financially interested. Well - informed London financial authorities contend these and _ similar troubles will be overcome with reorganisation and experience. Large insurance interests, which have been reported to have lost part of their considerable investment in the film business, according to the ‘ Economist,’ have probably found compensatory returns in other directions.

THE MEAT MARKET [Per United Press Association.] WELLINGTON, March 28. The New Zealand Meat Producers’ Board advises that the following are the approximate average prices realised for the week . based on actual transactions of wholesale quantities of the descriptions of meat mentioned, and are for representative parcels of the goods offering during the week, being for business done on the basis , of delivered to Smithfield . Market, and/or ex London stores New Zealand Sheep.—Cross-bred wethers and/or maiden ewes: Under 481 b, s|d per ib; 49-561 b, sjd; 57-641 b, 43d; 65-721 b, 4]d. Ewes: Under 481 b, 4/d; 49-561 b, 4Jd; 57-641 b, 4Jd; 654|j 49-561 b, 4id; 57-641 b, 4-Jd; 65New Zealand Lambs.—Canterbury: Under 361 b, 7Jd; 37-421 b, 6|d; 43-501 b, 6|d; second quality, average about 311 b, 6|d. Other South Island: Under 361 b, 7Jd; 37-42Jb, 6|d; 43-501 b, 6|d. ,North Island Downs: Under 361 b, 7Jd: 37-421 b, 6Jd; 43-501 b, 6gd • second quality,- average 'about 301 b, 7£d. North Island: First quality—under 301 b, 7d; 37-421 b, 63d. Second quality, average about 311 b, 6|d. Australian Lambs.—Victorian: First quality—29-361b, 6id; 37-421 b, 6*d. Argentine Lambs.—First quality Under 361 b, 6Jd; 37-421 b, 5Jd. Australian Frozen Beef.—Ox hinds, 145-2101 b, 4Jd; ox crops, weights corresponding, 3id. New Zealand Chilled Beef.—Ox hinds, 145-2101 b, 43d;; ox fores, 1452101 b, 3id. Australian Chilled Beef.—Ox hinds, 145-2101 b, 43d ; ox crops, weights corresponding, 3id; Union of South Africa Chilled Beef.— Ox hinds, 145-2101 b, 4Jd; ox hinds, 140-2101 b, 3fd. Southern Rhodesian Chilled Beef.— Ox hinds, 145-2101 b, 4|d; ox fores 145-2101 b, 3Jd. Argentine Chilled Beef.—Ox hinds, 145-2101 b, s|d; ox fores, 145-2101 b, 3|d. Uruguayan Chilled (Beef.—Ox hinds 145-2101 b, s|d; ox fores, 145-2101 b, 3 Jd. Brazilian Chilled Beef.—Ox hinds. 145-2101 b, 4|d. New Zealand Porker Pigs.—First quality: 61-Solb, 6|d; 81-100Ib, 5Jd--101-1201b. s|d. ’ e^f alanC * Baconer Pigs.—l2l- - Market.—Steady, with prices very firm, excepting heavy-weights. Consumption good, but warm weather required. Muttop Market.—Wethers and ewes firm, with prices unchanged. Beef Market.—Frozen beef shade to short spot stocks. Chilled beef meeting with good demand at better prices, owing to lower supplies. New Zealand Porker Pigs.—Prices easier, with trade slow. New Zealand Baconer Pigs.—Market steady and unchanged. 81-MONTHLY SHIPMENTS. The New Zealand Meat Producers’ Board is advised by cablegram from its London office that the shipments from Australia, South America, and South Africa to the United Kingdom during the first half of March, 1937, were as follows; AUSTRALIA. Carcasses mutton ... 43,935 Carcasses lamb ... 48,184 Quarters beef (frozen) 4,480 Quarters beef (chilled) 13,016 SOUTH AMERICA. Carcasses mutton ... 2,372 Carcasses lamb ... 61,707 Quarters beef (frozen) 250 Quarters beef (chilled) 216,238 SOUTH AFRICA (Including Southern Rhodesia). Quarters beef (chilled) 4,257

Other members of the official party were the Secretary of the Treasury (Mr G. C. Rod da), Mr G. A, Berendsen (permanent head of the Prime Minister’s Department), and Mr C. A. Jeffery (chief private secretary to the Prime Minister and Clerk of the Executive Council). They were accompanied by , their wives. _ With sailing time not many minutes off, the Prime Minister stepped forward, to the rail oh the boat deck and addressed the assembly on the wharf. “ Ladies and gentlemen,” he _ said, “ although I am on board this ship my heart is with you. I am looking forward to the time when I will be with you in Wellington again. I thank you for ypur presence here -to-night,- and it is an indication that one goes abroad with the goodwill of thousands of New Zealand citizens.” At the bidding of the Minister of Railways (Mr Sullivan), who, with other Ministers, was standing with Mr Savage, the throng below them sang “For he’s a jolly good fellow.” A man climbed the crane and handed Mr Savage a red streamer, which the Prime Minister smilingly accepted. It parted, however, before his well-wisher had regained, the wharf. • Meantime, members of the Arawa’s crew had gathered in force on the forecastle deck, and, infected with the spirit of the occasion, they sang concertedly to the accompaniment of mouth organs. After Mr Savage had spoken to his friends from the deck, a seaman who had obviously made the most of his shore leave, harangued the crowd on a political theme, much _ to the amusement of the Prime Minister and his colleagues of the Cabinet. A voice from the wharf shouted up at the Prime Minister: “ Let’s Sing the ‘Red Flag,’” hut there was no response for the ‘ Internationale.’ Someone promptly substituted ‘ Auld Lang Syne,’ the crowd enthusiastically taking up the refrain while the ship’s lines were being cast off, and the onlookers realised that the Arawa would be away in a few moments. A stentorian voice hailed the Prime Minister with the advice: “If you want to know anything in London, ask a policeman.” Mr Savage replied: “All right, brother, I’ll remember that.” An interlude that pleased Mr Savage’s friends was bis joining hands with a uniformed steward who had boldly come forward to the side of the Prime Minister to bask in the reflected glory. Among the last to leave the ship were the members of the Ministry, who conferred with the Prime Minister before warmly grasping his hand in farewell. Mr Fraser, as Minister of Marine, had earlier taken the opportunity informally to inspect the crew’s quarters. _ Three hoarse blasts of the Arawa’s whistle as a signal for the final leave-taking brought roars _of cheering from the thousands looking up at the liner. Mr Savage raised his hand, and for a moment there was silence. As the ship began to move slowly astern the tumult of cheering broke out anew, Mr Savage smiling his thanks. Gathering momentum, the Arawa backed out into the moonlit pool by the city quays for the turn on her course down the harbour. Streamers were split with the widening gap between the ship and the shore, and fell in multicoloured masses at the feet of the crowd _or hung festooned from the rail, giving the brilliantly-lighted Arawa the semblance of a vast gondola gliding effortlessly at a Venetian carnival.

PARTY FAREWELL WELL-LOVED CHIEF Close on 600 members of the Labour Party and its supporters from all over New Zealand attended a function in the social room at Parliament House. It was arranged by the Labour members of Parliament with Mr R. M'Keen, the member for Wellington South, as organiser. The Acting Prime Minister (Mr Fraser) and Mrs Fraser, supported by Mr and Mrs E. M'Keen and Mr and Mrs J. O’Brien (Westland) acted as host and hostess. There was sustained cheering when Mr Savage arrived as the principal guest, followed by the singing of ‘ For He’s a Jolly Good Fellow.’ Indeed, this was sung so often during the afternoon that_ passers-by must have fancied that Parliament was in session and had

taken joyously to community singing. After tea had been served the Acting Prime Minister, on behalf of his Ministerial colleagues and the Labour members of Parliament, welcomed the guests, making special reference to the delegates to the Labour Party’s Easter Conference in Wellington. He paid a tribute to the service rendered to the party in Parliament and the country by their leader (Mr Savage), and by Mr Armstrong. Mr Howard, and Mr Schramm. The Labour Party had known many trying times, and there still would be trying times, continued Mr Eraser, but the position to-day was such that it represented some reward for the years of hard work that had been necessary to build up the party. “1 do not want to talk in any exaggerated terms, but speaking in all humility, and sincere humility at that, I' still want to say that 1 know of no Government anywhere else in the world that has done so much for the benefit, of the masses of • the people as this Government has done,” said Mr Fraser. Referring to the Prime Minister, Mr Fraser said that the presence of a great number of friends was an indication of how much they respected him, how much they loved him, and how, , much they were bound to him by his groat work. They wished him , the. greatest possible measure of success in his mission, and they knew how well he would serve his country abroad. ... On behalf of • the Parliamentary Labour Party, Mr Fraser presented, l in turn, 'a gold-mounted and inscribed wallet to Mr Savage,; to the Minister of Labour (Mr Armstrong), and to Mr E., J. Howard (Chairman of Commitin the House of Representatives), a New Zealand-made travelling rug to Mr F. W. Schramm, AI.P. for Auckland- East, and a pearl necklace and cabin cushion to Mrs Armstrong. Air Howard and Mr Schramm will leave for London as the guests of the Empire Parliamentary Association. This was followed by a number of unofficial presentations. Air Johnston, on behalf of the .Wellington Waterside Workers, presented a caso of pipes to Air Savage. Air D. W. Coleman, AI.P. for Gisborne, presented to Mr Savage from a Gisborne family of well-wishers, whose, names were not disclosed, a beautiful casket of inlaid New Zealand; woods comprising 1,246 separate pieces. It represented a labour of love. Air,, H. T. Ratana, Labour Alaori M.P., oh behalf of Alaori friends, presented to Air Savage from all the Maori tribes of New Zealand a carved walking stick, handsomely designed and embellished, and a carved briar pipe. The president of the New Zealand Labour Party (Air Clyde Carr, AI.P. for Timaru) expressed the goodwill of the party toward the Prime Alinister and his colleagues. He recalled that in the past; every Prime, Alinister who went Homo to an Imperial Conference no longer remained a - politician, but became a statesman.. With, regard to Mr' Savage they felt it was not necessary for him. to go to Great Britain to become a statesman or to be recognised as *such. Mr Savage had to wait some time before he could reply, as it seemed that the cheering would never give him an opening. When the opportunity came he, the party and his friends , for their handsome gifts and for their great kindness. He assured the waterside workers that, although he did not come np at the starting barrier down at the wharf the mother day when the stop-work meeting was held, he was good for a long distance, and he would not let the waterside workers down nor would he and the Government forget the Alaori race and its need of help in development work. “We came in here with the confidence of the people of New Zealand,” paid the Prime Minister. “ I think we have deserved that confidence np till now, and it is up to us to continue to deserve it. Unless we keep doing that we have no right to approach and tell other people what they should do. We must be able to go to any other country and say: ‘ This is what we have done; this is what we are going to do.’ We have an overwhelming majority in the House. We claim that we have the goodwill of the great mass of the people in New Zealand, and we are going to keep it. That is our story to the conference, and that is our story to the world. .The people have done their part and it is up to us to do the rest. I challenge anyone to show me the same amount that .has been done for the people in so short a time in any other part of the world, and it will not rest there. _ The work will go on. That Is all. that is to be said about it.” Brief speeches were made by Air Armstrong, Air Howard, and Air Schramm. The Speaker of the House (Air W. E. Barnard) announced that he had received from Air APLauglilan, of Rotorua,, a very fine photograph of the late leader, Air Harry Holland, which already had been hung in the corridor of Parliament House and which could now be inspected. Air Semple gave an emphatic assurance that while the Prime Alinister and his colleagues were abroad the Govcrntnent would go straight ahead with its work.

THE NOME MISSION

MR SAVAGE SAILS BIG CROWD-GREAT ENTHUSIASM [Per United Press Association.] ' ! ' WELLINGTON, March 28. . - In pleasant circumstances the Prime Minister (the lit. Hon. M. J. Savage) left by the Arawa on Saturday night to represent New Zealand at the King’s Coronation and the Imperial Conference. He was given a memorable farewell. It was estimated that close on 3,000 persons were assembled on the Glasgow wharf when the ship sailed' at 10.45 p.m. The night was perfect, a full Easter moon lighting the scene from a lightly-mottled sky. The harbour was glassy calm and mirrored. Mr Savage went down to the ship early, and, after seeing his cabin, made his way to the boat deck, where he was joined by the Acting Prime Minister (Mr. Fraser) and bis colleagues of the Ministry. Also with him were several members of the Legislative. Council, representatives of . various trades, unions, delegates to the Easter conference of the New Zealand Labour Party, and a host of others who had gone on board to wish him bon voyage.