COMMERCIAL

Evening Star, Issue 23237, 10 April 1939, Page 2

COMMERCIAL

METAL MARKET Press Association —By Telegraph—Copyright LONDON, April 6. .Following are to-day’s official (middle) quotations on the London metal market, as reported by the Australian Mines and Metal Association, compared with those of April s■

MUTUAL LIFE ASSURANCE Press Association— By Telegraph—Copyright SYDNEY, April 6. The Mutual Life and Citizens Assurance Company is asking shareholders to agree to resolutions providing for a bonus issue of shares reserves amounting to £500,000. This will be capitalised, and shareholders will receive five new shares for every two held at present. SEARCH FUR GULD WEST COAST RETURNS • Bundi dredge to April 5 worked 85 hours, 11,994 yards, for 71oz 18dwtj-' Worksop, 132 hours, 10,000 yards, for 590 z; Mossy Creek, 126 hours, 7,000 yards, for 340 z 7dwt; Blackball Creek, five days for 560z.—-Greymouth Press Association. CUTTON, RUBBER, ETC. Press Association—By Telegraph—Copyright LONDON. April 8. Thursday’s closing prices were:— Cotton.—Spot, 4.92 d per lb; May shipment, 4.50 d. Rubber.—P.ara, 7d per lb; plantation smoked, Bd. Jute.—April-May shipment, £24 12s 6d a ton. Copra.—April-May shipment, South Sea, £9 15s a ton; smoked, £9 12s 6d; plantation Rabaul, £lO 15s Linseed oil, £26 10s a ton. Turpentine, 36s per cwt.

FRENCH FRANC Press Association —By Telegraphy-Copyright LONDON. April 8. . . (Received April 10, at 8 a.m.) Sterling exchange on Paris, 176 f francs to £l.

DOLLAR AND STERLING Press Association—By Telegraph—Copyright LONDON, April 8. (Received April 10, at 8 a.in.) Sterling exchange, London on New York, 4.681.

London on New York, during 1937 averaged 4.95d0l to £1 sterling; on August 2, 1938, 4.90 J; on September 23, 4.63; and during October varied between 4.78 J and 4.75|. During November, 1938, the variation was botween 4.76id0l (November 8) and 4.63 J. During January, 1939, the range has been from 4.621 (January 4) to 4.681

(January 31), and during February from 4.63 (February 8) to 4.691 (February 25).

ALUMINIUM PRODUCTION

NEW AUSTRALIAN VENTURE CAPITAL OF £1,000,000 SITE ACQUIRED IN SYDNEY With a nominal capital of £1,000,000 Australian Aluminium Company Proprietary Limited opens up a new Indus-, trial venture which has been created to make Australia secure in the matter of supplies of fabricated aluminium alloy's for the civil and military aircraft industry. A site of 47 acres has been acquired at Granville, near Sydney,' and an immediate start is to be made with building operations. Shareholders in the company are: — British Aluminium Company Limited, 33 1-3 per cent, interest; Aluminium Limited of Canada. 33 1-3 per cent.; Electrolytic Zinc Company of Australasia Manufacturers Limited, 13 1-3 per cent. The board of the new company consists of Sir Alexander Stewart, Sir Colin Eraser, ana Messrs W. S. Robinson, J. S. Teulon, L. G. Bash, and N. W. Waterhouse. MANUFACTURING PLANT. The company is preparing plans Tortile erection or aluminium sueet rodmg mills and extrusion equipment for tile production ot bar, rod, and shapes. All grades ot aluminium alloys, including duralumin, will be fabricated to meet British and American aircraft mate? rial specihcatious. The new plant to be erected will produce a wide range of aluminium alloys lor foundry purposes, so tnat aluminium castings cun bo made in Australia in all brancues ot industry from..locady,- manufactured aluminium alloys. Largo stocks of imported aluminium ingot will be maintained at Sydney, so that in the event of a national emeu-, gency aluminium ingot will - be readiy available, and for a long period Australia will bo secure in regard to the necessary metal supplies for fabrication purposes. The initial stocks of aluminium ingot for the fabrication operations will be imported from Canada and the United Kingdom exclusively. FABRICATION DIVISION. The cost of the fabrication division of the new company will be approximately £300,000, and when fabrication operations are completed plans will be laid for a smelting division, to be eventually developed tor the production of aluminium ingot from imported bauxite or bauxite concentrates. The bauxite would be imported from India, Malaya, and British Guiana, or the bauxite concentrates from India, Canada, and the United Kingdom. WIDE VARIETY OF USES. • In addition to supplying the needs of' the aircraft industry, the new fabrica-

tion plant will manufacture aluminium and aluminium alloy sheet for the'general transportation industry, cooking utensil manufacturers, radio and building industry, etc., also large extruded aluminium alloy shapes for railway rolling stock and auto trucks will be manufactured. The number of. men to be first employed at.the, Granville plantwill be about 300.

THE MEAT MARKET [Per United Press Association.] WELLINGTON', April -7. ■ Tho New Zealand Meat Producers’ Board advises that the following are the ruling prices of wholesale quantities of the descriptions of frozen meat mentioned, and are for representative parcels of the goods sold on Wednesday, April 5. Chilled beef prices are averages of the week on whien this list is issued. All prices are on the basis of delivered to Smithfield market:— New Zealand Sheep.—Crossbred wethers and/or maiden ewes: Under 481 b, 4|d per lb; 49-561 b, 4d; 57-641 b, 3fd; 60-721 b, 3|d. Ewes: Under 481 b, 3|d; 49-561 b, 3d; 57-641 b, 2sd: 65-721 b, 2Jd. New Zealand Lambs.—Canterbury: Under 361 b, 7d; 37-421 b, 6|d; 43-501 b, 6fd. Second quality, average, about 311 b, 6fd. Other South Island: Under 361 b, 7d: 37-421 b, 6|d: 43-501 b, 6gd. North Island Downs: Under 361 b, 7d; 37-421 b, 6|d; 43-501 b, 6|d. Second quality: Average about 301 b, 6|d. First quality: Under . 361 b, 6Jd; 37-421 b. 64d. Second quality; Average about 311 b, 6-]d. Australian Lambs.—Victorian: First quality, 29-361 b, 6d; 37-421 b, s|d. Argentine Lambs,—First quality: Under 361 b, 53d; 37-421 b, sid. New Zealand Frozen Beef.—Second quality: Ox hinds, 145-2101 b, 3gd; ox fores, 145-2101 b, 2Jd. Australian Frozen Beef. Second quality: Ox hinds, 145-2101 b, 3|d; ox crops, weights corresponding, 3d. New Zealand Porker Pigs.—First qualitv: 61-801 b, 6Jd; 81-1001 b, 6§d; 101-1201 b, 6Sd.

New Zealand Baconer Pigs.—l2l--61 d.

Boneless Bobby Veal.—Ex store, in parcels, 4|d. (Chilled beef prices are approximate average prices realised for the week.) New Zealand Chilled Beef.—Ox hinds, 145-2101 b, 4|d; ox fores, 143 2101 b, 2JdAustralian Chilled Beef.—Ox hinds, 145-2101 b, 4Jd; ox crops, weights corresponding, 3d. Union of South Africa Chilled Beef. —Ox hinds, 140-2101 b, Sid; ox fores, 145-21011), 3|d. Southern Rhodesian Chilled Beef.— Ox hinds, 145-2101 b, 4d ; ox fores, 1452101 b, 2id. Argentine Chilled Beef.—Ox hinds, 14.5-2lolb, ojd; ox fores, 145-2101 b, 3§d. Uruguayan Chilled Beef.—Ox hinds. 145-21011), 43d; ox fores, 145-2101 b, 3id. Brazilian Chilled Beef.—Ox hinds, 145-2101 b, 4gd. Lamb Market.—Heavy stocks depressing market, but consumption satisfactory and expanding. Mutton Market. Wethers and .ewes: Steady, with demand quiet. Beef Market.—Frozen beef; Easier, owing to poor demand. Chilled beef; Weaker, on the -excessive supplies. New Zealand Porker Pigs.—Easier, owing to poor demand. New Zealand Baconer Pigs.—Easier, owing to lower prices- Continental bacon. Boneless Bobby Veal.—Shade firmer on the be’tter trade. NEW COMPANIES LATEST REGISTRATIONS The ‘ Mercantile Gazette ’ of April 5 notifies the registration of the following new companies:— Chalmers Shoo Manufacturing Coin-

pany Ltd. Registered as a private company March 16. Office: 135 Hanover street, Dunedin. Capital: £750, in 750 shares of £1 each. Subscribers ; Dunedin —P. T.. Chalmers 300, R. Chalmers 150, L. L. Hcbbard 150, G. V. Murdoch 150. Objects: To carry on in Dunedin or elsewhere the business as boot and shoe manufacturers and dealers, leather merchants, dressers, tanners, and general incidental. Wanaka Stores Ltd. Registered ;as' a private company March 20. Office: Pembroke. Capital: £5,000, into 5,000 shares of £l each. Subscribers: Pembroke—C. J. Ceilings 4,990, A. M. Collings 10. Objects: To take over as a foing concern the business of D. A. oily and Sons Ltd., at Pembroke, to do business and _ act as merchants, traders, commission agents, brokers, and mercantile agents.

THE SEARCH FOR GOLD ALEXANDER MINES. The monthly report states:— No. 6 Intermediate Level North.— Advanced 31ft, making the total distance 186 ft north of winze. The reef followed averaged 24in, with the widest ■part appearing in the back of' the drive; underfoot being very narrow at times except for one length of 10ft where it averaged 30in wide. During • the last 6ft of driving reef is very broken into a series of quartz leaders. Assay values were: For 178 ft, 36in wide, worth 20s per ton. Assay of leaders at face, 42s'6d per ton. No. 6 Level.—Preparations are being made to rise on the stone which was cut in No., 2 crosscut. This rise will be' carried up to intersect the intermediate level above. Stoping,—Stopmg operations are being carried, on north and sputh of winze, in the second and third stopes, north end, and third stope, south end. In the latter the reef is 48in wide at the back of the stope, 36in wide above the second stope, north end, and 54in wide above the third stope, north end. Sixty feet in length of the first stope has been worked at the north 1 end. whilst a large portion from the second stope is being filled by driving'into hard rod? walls. MATAKI JUNCTION, RETURN. The Murchison Mataki Junction return for the .week ended on April 6 was 250 z of smelted gold for 121 hours’ dredging, 15,000yds being treated. FIJI PRODUCTION. The clean-up reports of the Fiji mines for the four weeks ended March 22 are as follows: Emperor.—Crushed , 14,750 .tons for 4,1880 z tine gold. Concentrates stacked pending further treatment total 14-i tons, estimated' to contain. lOOoz fine gold. Loloma.—Crushed 2,355, long tons for 3,2100 z fine gold and 5630 z fine silver. In addition, 380 tons of old residues Were retreated for a yield of 20oz of fine gold. .

NORTHERN ROLLER MILLS IMPROVED EARNINGS AND DIVIDEND An improvement in, earnings and an increase in the “rath iff- dividend ifh ordinary- -capital is' sbfen in the accounts of the Northern Roller iMillihp; Company Ltd., Auckland, foi v ’the'y&lr ended February-28, PiMt for the year,after provision fbr - depreciation, rates, land, tkx,' and other' contingencies; except allowance’ for' income vahd;-.social’ security tax,' •was £26;077p: coiiipareti' l with £19;859 in the.;previousyear. Income tax requires £10,948, against £8,096 last time,."Mule the appropriation for the social security tak ■ is £1,460. After allowance-.of these taxes the net earnings are £13,569, against £11,763 for last year. The directors recommend' a dividend on‘ordinary shares of 4 per cent., which compares with 3J per cent, last' year. The distribution requires £9,000. The sum of £3,900 has already been paid in preference dividend. The balance of undivided profits is to be carried forward. •

Apr. 5. Apr. 6. £ s. d. £ 8. d. Copper— Standard, spot ,42 5 7* 42 13 14 Forward 42 11 10* 42 19 4* Electrolytic, spot 47 15 0 48 0 0 Forward 48 15 0 49 0 0 Wire Bars— Spot 48 15 0 49 0 0 Lead— Spot 13 19 4* 14 3 li Forward 14 5 7* 14 8 li. Spelter— Spot 13 1 10* 13 10 n Forward 13 8 1* 13 15 u Tin— Spot 214 17 6 215 7 6 Forward 213 7 6 213 12 6 Silver— Standard, per oz 19 15-16d 20 Fine, per oz ... 21 l-2d 21 9-16d Pig iron (ton) Apr. 1. . 4 19 0 4 19 0 Antimony— British 70 10' 0 70 10 0 Foreign *45 0 0 45 0 0 Molybdenite *2 10 2 1 0 Wolfram — Chinese *2 14 6 2 15 6 "Nominal.

April 5 176 3-4 April 4 176 3-4 April 3 176 13-16 March 31 176 3-4 March 30 176 3-4 March 29 176 13-16 March 28 176 13-16 March 21 176 13-16 March 14 176 7-8 March 7 176 15-16 March 1 ... 177 February 28 ... 177 February 21 ... 177 February 14 ... 177 February 7 ... 177 1-16 February 1 ... 177 January 31 ... 177 January 5 176 11-16

April 5 April 4 4.684 4.68 7-16 April 3 4.68 7-16 March 31 March 30 March 29 4.68J 4.681 4.68 3-16 March 28 4.68 5-16 March 21 4.68 3-8 March 14 4.69 1-16 March 7 4.69 1-8 March 1 4.68 3-4 February 28 • •• 4.69 1-8 February 21 4.68 11-16 February 14 ... 4.68 3-4 February 7 ... ... 4.68 11-16 February 1 ... ... 4.67 3-4 January 31 ... 4.68 1-8 January 2 ... 4.63 7-8