MINES AND METALS

Evening Star, Issue 23352, 23 August 1939, Page 8

MINES AND METALS

WEAKER MARKET COPPER LOSES GROUND APPRECIABLE ADVANCE IN SILVER Press Association—By Telegraph—Copyright LONDON, August 22. (Received August 23, at 1 p.m.) Following are the latest official (middle) quotations on the London metal market, as reported by the Australian Mines and Metal Association, compared with those of August

MOSSY CREEK RECOVERY OF 1,304 OUNCES

Gold won by Mossy Creek Dredging Company for the year ended May 31 was 1,3040 z 12dwt 19gr, of a net realised value of £10,119 7s 2d, compared with 1,5860 z, valued at £11,775, for last year. Dredging- costs were £6,908 19s 5d and bushfelling £1,421 10s 9d, a total of £8,402 10s 2d, compared with £7,857 3s 10d for the 1938 period. It is not expected that bush clearing will be a heavy expense for some time to come.

Balance brought forward from last year was £1,783 3s Id. After transferring £1,159 6s 8d to credit of profit and loss account and providing for dividend in August last and income tax reserve, the balance to credit of appropriation stands at £1,644 19s 3d. Ground of varying quality was treated, and for one period of 10 weeks the total amount of gold produced was only 109.30 z. “It is confidently expected,” states the report, “ the improvement will continue as dredge proceeds up the valley.” One dividend of Id was paid during the year, and it is hoped to declare a further dividend during the present month, but additional expenditure incurred in connection with repairs to pontoons has delayed this meantime. The dredgemaster, adds the report,' has had a difficult year, but with the co-operation of an efficient crew the company’s best interests have been attended to at all times. . CENTRAL SHOTOVER The annual meeting of shareholders of the Central Shotover Gold Mining Company was held last night, Mr George Thompson occupying the chair. The directors’ report and balance sheet were adopted.^ The retiring director, Mr A. D. Edgar, was re-elected unopposed. The retiring auditor," Mr G. S. Kirby, was also re-elected. It was decided by the shareholders to subscribe to the petition to the Government now in circulation to fix a guaranteed price for gold of £lO 4s 4d a fine ounce. REPORTS AND RETURNS New River. The official .return of gold won bv the New River dredge during the week ended August 17 was 38oz of gold from 6,536 yards treated in 126 hours’ dredging time. AUSTRALIAN STOCK EXCHANGES Press Association—By Telegraph—Copyright SYDNEY, August 22. News of the non-aggression pact between Germany and Russia depressed the Stock Exchange to-day, resulting in sharp falls in practically all departments. Some buyers took advantage of the situation and acquired shares at lowered rates, and a notable expansion of business was recorded. , £ s. d.

FOREIGN EXCHANGES ON NEW ZEALAND CURRENCY BASIS

The Associated Banks (other than the Bank of New South Wales) to-day quoted the following dollar rates on a New Zealand currency basis. They are subject to alteration without notice:— U.S.A. CANADA. (Per £1 N.Z.) (Per £1 N.Z.) SELLING— T.T. (dol) ... 3.72 1-16 3.72 1-8 O.D. (dol) ... 3.72 5-16 3.72 3-8 BUYING— O.D. (dol) ... 3.77 1-8 3.78 1-8 FRENCH FRANC Press Association—By Telegraph—Copyright LONDON, August 22. (Received August 23, at 11 a.m.) Sterling exchange on Paris, 176 3-4 francs'to £l.

LONDON SHARE MARKET Press' Association—By Telegraph—Copyrighl LONDON, August 22. (Received August 23, at 11 a.xn.) Bank of Australasia, 127 s 6d; E.S< and A. Bank, 61s; Union Bank of Australia, 105 s (nomnal); Bank of New; South Wales. 21s lOd; National Bank of New Zealand, 30s: Bank of; New; Zealand, 27s (nominal); British Tobacco, 34s 4Jd (nominal); Goldsbrough, Mort, 19s (nominal); Dalgetys, 87s (nominal); P. and O. Deferred, _ 17s; New Zealand Loan and Mercantile 4 per cent, debentures, £73 (nominal), ordinary, £l4 (nominal).

21: — Copper— Standard, spot ... Aug. £ s. 45 0 21. d. U Aug. 22. £ s. d. 44 19 4* Forward 44 17 6 44 lo 10* Electrolytic, spot 50 15 0 50 5 0 Forward 51 0 0 50 15 0 Wire Bars— Spot 51 0 0 50 15 0 Lead— Spot 16 4 4* 16 0 7* Forward 16 0 n 15 16 10* Spelter— Spot • •• M , 14 8 9 14 8 9 Forward 14 12 6 14 10 7* Tin—' Spot 229 18 9 229 18 9 Forward 224 17 6 224 7 6 Silver— Standard, per oz 17 9-16d 18 7-16d Fine, per oz ... 18 15-16d 19 7-8d

Bank of New South Wales 27 10 0 Commercial Bank of Australia • •• 0 14 4 E.S. and A. Bank 4 6 3 Colonial Sugar 43 15 0 United Insurance 10 5 0 Associated News 0 17 6 Associated News (pref.) 1 0 0 Howard Smith ... ... 0 19 7 Burns, Philp British Tobacco 2 10 3 2 5 0 Tooths 2 10 3 Tooheys 1 8 6 Woolworths 1 1 7i Australian Consolidated Industries 1 12 6 Australian Consolidated dustries (rights) In0 5 3 Dunlop Perdriau (pref.) 1 4 0 Hordern 0 13 2 Steelman Mort’s Dock 0 13 0 0 13 11 Meggetts 1 10 0 Sydney Ferries 0 4 3 Hackshalls 0 12 0 Standard Cement 1 1 0 Electrolytic Zinc 2 8 0 Electrolytic Zinc (pref.) ... 2 10 3 Mount Morgan 0 8 9 Mount Lyell 1 4 10 Zinc Corporation 3 14 0 Broken Hill Proprietary 2 17 6 North Broken Hill ... 2 1 6 Larut 0 5 0 Emperor 0 9 0 Loloma 1 4 9 MELBOURNE August 22. Coles 3 11 0 Dunlop Perdriau 0 17 9 Dunlop Perdriau (pref.) ‘ Herald ’ and ‘ Times ’ • •• 1 14 0 3 0 0 Myers ... 1 7 3 Hume Pipe • •• 0 18 6 Drug Houses 1 2 0 Melbourne Investment Trust 0 5 4 Howard Smith 0 19 6 Electrolytic Zinc 2 8 6 Mount Lyell ... I 4 10 North Broken Hill ... 2 2 6 Emperor 0 8 10 Loloma ... . ... 1 4 4

The Bank of edin, quoted the chases and sales rates subject notice) New South Wales, Duni following rates for purot foreign exchange (all to alteration .without London— £100 stg. N.Z. T.T. O.D. £124 7/6 £123 18/9 £125 £124 19/6 Australia— £A to £100 N.Z. T.T. O.D. £100 10 1 £100 10/ £100 £100 Fiji— £F to £100 . N.Z. T.T. O.D. £90 £90 £88 12/6 £88 12/6 New York-; Dollars to £1 N.Z T.T. O.D. 3.7743 3.7793 3.7310 3.7320 Montreal— Dollars to £1 N.Z T.T. O.D. 3.7718 3.7805 3.7318 3.7328 Belgium— Belgas to £1 N.Z T.T. O.D. 22.339 22.414 22.029 22.034 Denmark — Kroner to £1 N.Z T.T. O.D. 18.140 18.200 17.830 17.832 Finland— Marks to £1 N.Z T.T. O.D. 184.88 185.28 179.08 179.18 France — Francs to £1 N.Z T.T. O.D. 142,97 144.22 140.47 140.49 Germany— Reichsmarks to £1 N.Z. ... i T.T. O.D. = 9.273 9.275 Greece — Drachmae to £1 N.Z. ... T.T. — O.D. . — 429.20 429.35 Holland— Florins to £1 N.Z. ... ... T.T. O.D. 7.096 7.136 6.946 6.948 Italy— Lire to £1 N.Z. ... ... T.T. ' — , O.D. — 70.94 70.96 Java — Florins to £1 N.Z T.T. O.D. 7.082 7.122 6.932 6.934 Norway.— Kroner to £1 N.Z T.T. O.D. 16.130 16.190 16.840 16.843 Noumea — Francs to £1 N.Z T.T. O.D. 145.47 146.97 158.72 138.76 Papeete— Francs to £1 N.Z T.T. O.D. 144.87 146.37 138.87 138.91 Sweden — Kronor to £1 N.Z T.T. O.D. 15.730 15.790 15.435 15.438 Switzerland — Franca to £1 N.Z T.T. O.D. 16.771 16.871 16.501 16.504 Hongkong— N.Z. pence to 1 dollar ... T.T. O.D. 18 1-16 18 1-32 18 7-16 18 7-16 India and Ceylon— N.Z. pence to T.T. 1 rupee ... O.D. 22 7-32 22 3-16 22 1-2 22 1-2 Japan— N.Z. pence to 1 Jren T.T. O.D. - 17 37-64 17 37-64 Manila— ' N.Z. pence to 1 peso T.T. O.D. 31 33-64 31 27-64 32 7-32 32 7-32 Singapore — N.Z. pence to 1 dollar ... T.T. O.D. 34 27-32 34 3-4 35 21-64 35 21-64 South Africa— £N.Z. to £100 S.A. T.T. O.D. £124 4/3 £122 17/ £124 17/ £124 17/ DOLLAR RATES.

Aug. 21 ... 176 3-4 Aug. 17 176 3-4 Aug. 16 176 3-4 Aug. 15 176 3-4 Aug. 14 176 3-4 Aug. 11 176 3-4 Aug. 10 176 3-4 Aug. 9 176 3-4 Aug. 8 176 3-4 Aug. 1 176 3-4 ,1 uly 31 176 3-4 July 3 176 3-4 June 30 176 3-4 June 1 176 3-4 May 31 ... 176 3-4 May 1 ... 176 3-4 April 28 ... 176 3-4‘ April 3 176 3-4 March 31 March 1 176 177 3-4 February 27 177 February 1 177 January 31 177 January 5 177 11-16