Commerce, Mining, Finance

Evening Star, Issue 22955, 12 May 1938, Page 18

Commerce, Mining, Finance

GREAT DECREASE WOOL SALES REALISATIONS DOMINION FIGURES DEFICIT MORE THAN £7,000,000 ; The value of wool sold Zealand this season was £8,793,8/0, aeainst £14,903,257 last season, according to figures issued by the New, Zealand Woolbrokers Association. The difference in total realisation is thus ■ £6,109,384, but. as the , woolbrokers’ figures contain particulars of wool sold at auction only, the actual deficit will be larger, almost certainly more than £7,000,000. , , Details of this season’s sales ana tho 66 of last season aro: * \ 1936-37. 1937-38. Bales offered •Rolpc sold .. 663,798 614,609 Total weight 226,089 994 210,151,212 Total value- £14,903,’257 £8,793.873 A ™ r r a Tb i, !:!! e " 15.83 d 10.043 d Tbale ... £22/9/ £l4/6/2 The most surprising item in the figures is the larger total offering, an unexpected development in a vear generally considered to be one of light clips.. There was practically no carry-over from the 1936-37 season into this_ season, so the larger offering is probably a reflection- of the larger flocks of the Dominion. ■ ~ , •Passings were considerably heavier than was the case in the 1936-37 season; but were probably Tittle above normal. Passings, were very heavy in the earlier sales,' and at an occasional late sale, but in.,general growers met the market exceptionally welL Last season, when'prices were consistently rising, passings were exceptionally low, and the figure is apt to exaggerate by contrast the passings-of this season. The total return amounts to a fall, of 41 per cent., which was about what had been expected in the trade. The season’s carry-over should nob be more than about 73,000 bales. The value of a bale is a little better than the average of the 10 years before the war, but it is not a good return in comparison with those since the wartime control ceased. In the 18 seasons since 1920-21, the average a bale of £l4 6s 2d has,' been exceeded nine times, -and has exceeded the average of eight, other seasons. The beet bale average was obtained in 1924-25, when the figure rose to £29 5s a hale. WOOL SOLD PRIVATELY. The Woolbrokers’ Association ! figures cover only wool sold at auction, and db not take into account'the wool'shipped on owners’ account for sale overseas, nor wool bought privately in New Zealand. Exact figures are difficult to obtain, as the trade works on a wool year from June to June, and the Government Statistician on the calendar year; but for the two seasons before this, the number of bales sold at auction here was about four-fifths»of the total shipped, and the value of wool sold;at auction was about three-quarters of the total value received. ■ Applying these figures, it would appear that the total sale of New Zealand wool this season will be about / 68,000 bales, and the total - value £11.725,000. This'would give a decreased . total return from wool for this, season of £7,048,000.. AS OTHERS SEE US " FINANCIAL EXPERIMENTS *' LONDON SELLING OF HEW ZEALAND LOANS Recent London cables showed that renewed selling of New Zealand stocks has been a feature of the market for Government issues. New Zealand investors and non-residents interested. in investments in that Dominion must view this with anxiety, and fear still further the new experiments in finance about to be undertaken by its semiSocialistic Government (says the ‘Sydney Morning,Hera)ld s The Government has announced its intention to accelerate expenditure on social services and public works, and in- particular to increase pensions all round. It does not require any imagination to foresee higher taxation upon already overburdened taxpayers. Reports from New Zealand show that since the present Government assumed office the revenue of the Dominion Las been buoyant. Whilst such prosperous conditions exist the-public are able to hear high taxation, but it only requires a sustained fall in the export value of primary products to bring home very forcibly how. ruinous high taxation can be. . While'the Lang Govern ment was in power considerable capital was trans-

N.Z. Wool Season Wilson’s Cement Dividend The local Stock Exchange remained practically unaltered this morning,, only the slightest of fluctuations being noticeable in one or two quotations. According to figures issued by the New Zealand Woolbrokers’ Association, the value of wool sold this season in the Dominion was £8,793,873, against £14,903,257 last season. The difference in total realisations is thus £6,109,384, but as the woolbrokers’ figures contain particulars of wool sold at auction only, the actual deficit will be larger, almost certainly more than £7,000,000. Wilson’s (N.Z.) Portland Cement Company has declared ». dividend of 4|d a share, making 9d for the year. The distribution is at an unchanged‘rate.

CONSUMPTION OF TIN DECREASE IN JANUARY RUSSIA'S QUOTA INCREASED RISE OF OVER 170 PER GENT. An appreciable decrease in world tin consumption to 13,800 tons in January this year, as against 16,800 tons consumed in the previous month, and 16,200 tons in January of last year, is recorded in statistics published by the International Tin Research and Development Council. . “While figures for individual months must be interpreted with caution,” the report states, “ it may be noted' that the only country to show a marked increase in January this year was Russia, which imported 2,307 tons of tin against 664 tons in January, 1937. ' Apparent consumption in the United States, on the other hand, fell from 8,115 tons to 4,825 tons, and in the United Kingdom from 1,935 tons to 1,016 tons.” _ . ■ Countries in which there is a decided upward trend in tin consumption include Russia, Germany, Holland, and Japan. The downward tendency in France- seems to have been reversed in the past few months. ■ Consumption statistics, for the year ended January, 1938, show that the quota for Russia increased at the enormous rate of 172.5 per cent, over the figures for the period ended January, 1937. German consumption showed a .marked rise of 35.6 per cent., while the figure for Japan rose by 26.6 per cent. There were increases in,most other tin consuming countries, with the exception of France and Italy, where decreases of 10.4 per cent, and 5 per cent, respectively were recorded. “ The ’decreases in tin consumption in January are accounted for by the reduced activity in the consuming industries,” it is" stated. • “ World production of tinplate, for example, was only 214,000 tons, against 323,000 tons in January, 1937, while automobile production was 333,000 vehicles against £06,000 in January, 1937.” World visible stocks of tin decreased by 1,659 tons during February this year to 23,308 tons, conypared with 24,967 tons at the end of January and 22,756 tons at the end of February, 1937. 'The average cash price of standard tin for the month was £lB3 5s 4d, against £lB3 15s 7d in January. MINING NEWS REPORTS AND RETURNS ALEXANDER OPERATIONS The following report of the work done at the Alexander Mines Ltd for the mouth of. April has been received : No. 6 Crosscut.—-A distance of 100 ft was driven for the month, the country passed' through being good. A distance of approximately 170 ft has yet to he driven before rising to connect with the winze from No. 5 level. No. . 4 South Drive.—This drive was advanced 20ft on reef track 6in to Bin wide, and driving is now suspended. Stoping. The usual stoping faces have been worked during the period and the available ore is rapidly being depleted. No. 5 Winze.—A sinking pump has been installed and preparations are now being made to dewater the winze and sinking will be resumed. (Battery.—For the month 185 tons of ore were crushed for 80oz 15dwt of melted gold. Cyanide department: A total of 142 tons of sands was treated for 30oz TOdwt of bullion. The total estimated value was £735. In addition, five tons of concentrates were saved, valued at £135. In estimating the above values gold has been taken at £7 a, fine ounce. COLOMBO TEA SALE Mr L. M. Wright has received the following cabled report on the Colombo tea auction of May 10: All grades were in keen demand, and prices remained firm at last weefk’s rates. A total of 3.000,0001 b has been catalogued for sale nest week.