Commerce, Mining, Finance

Evening Star, Issue 23500, 14 February 1940, Page 7

Commerce, Mining, Finance

LESS INTEREST SHOWN

DEMAND FOR DOMINION INDUSTRIALS ONLY ONE SALE RECORDED ’ Less interest was shown in New Zealand industrial lines this morning, and though no decreases in values were recorded there were no advances. There was only,one sale, a parcel of Now Zealand Breweries being turned over late yesterday at £1 17s, Government loans were still wanted at prices that were high,, and for only one issue was there a, seller forward. The.,4. per cent. Bonds, maturing in March, 1940-43, were quoted at the advanced price of £lO2, and all the other issues except one were above par. There was no change in either banking or insurance shares, and woollen issues were still very buoyant, though no sellers were attracted by the _ offers of buyers. Interest wan injected into the overseas mining section through the advanced bid for Mount Morgans, the quotation being 9s lid (buyer) and 10s 3d (seller). SALES REPORTED. —Late Yesterday.— 4 per cent. Stock, 1946-49, £lOl 17s 6d. New. Zealand Refrigerating (cont.), 9s 3d. . New Zealand Breweries, £1 17s. Woolworths (South Africa), 16s. SEARCH FOR GOLD OUTPUT FOR 1939 ESTIMATED AT 39,300,000 OUNCES The impetus given to world gold production in the last decade is reflected in the output for 1939, which, according to a recent cablegram from London, is estimated at 39,300,000 fine ounces. This easily surpasses the previous record, production of 36,750,0000 z in 1938. During the last seven years, a period of increases in the price of the metal, world production has risen by slightly more than 60 per cent. • WORLD GOLD PRODUCTION. (In fine ounces.) 1932 24,301,000 1933 ... 25,335,000 1934 ' ... 27,295,000 1936 ... ... ... 29,584,000 1936 33,109,000 .1937, 34,783,000 1938 ... 36,750,000 1939 ... ~.., ... 39,300,000 ; / Though the .proportion of world gold produced within the British Empire fell from 69.5, per cent,; in. 1932 to, 56-2 per cent, in 1936, it “had increased again Yo 57.4 per cent, in 1938, a rate which would have - been at least maintained last year.- Canada ‘and Australia have been among the: countries showing the largest relative increases for several years. South Africa’s share is approxianatky one-third of the world total. REPORTS AND RETURNS MOUNT LYELL MINES. The Mount Lyell Mining and Railway Company Ltd., has submitted the following ' progress report for the fortnight ended January 31:— Mines.—North Lyell: Tons extracted, 2,546. Crown Lyell: Tons extracted, 1,420. West Lyell; Tons extracted, 34,183. The new ore transfer passconstruction work is in progress. Lyell

Comstock: Tons extracted, 8,115. No. 7 level. No. 4 Mullock Pass Rise, was extended 14ft to 34ft through hard quartzitio schist; No. 10 level, main shaft, was extended one foot to" 716 ft (109 ft below No. 10 level) through conglomerate and porphyry. Reduction works: The furnace was in blast the full period; 3.898 tons refinery anodes were made for the current year. Concentrator: The mill operated 309 hours and treated 41.554 tons of ore, producing 1,738 tons of concentrates. Copper refinery: The tank house was in operation throughout the fortnight, 500 tons cathode cooper being produced for the period. The total for the current year is 4,261 tons.

FIRM PRICES RABBINSKIN SALE KEEN COMPETITION FOR ALL GRADES The Dunedin Stock Agents and Woolbrokers’ Association reports as follows: Medium-sized catalogues were brought forward yesterday before a good attendance of exporters, furriers, and the local trade. The hulk of the offering comprised chiefly summer grades, with a few parcels of springs, etc. Spirited competition ensued for all grades, particularly for smalls, runners, and racks, which in some cases appreciated 6d. Other grades may be quoted fully firm on the rates ruling in January. '’Orders were on the market for U.S.A. account, also New Zealand furriers secured some good parcels. The official range of prices is as follows :—Small, , 16Jd to 17$d; runners, 25id to 32id; racks, 33|d to 393 d; summers, 29id to 31|d ; summer broken, 29d to 30d; milky, 292 dto 30i-d; blacks, 18d to 28d; hareskins, 18d to 24-id; fawns, 20d to 26id. The next sale is scheduled for Tuesday, March 12.

LORNEVILLE STOCK SALE LARGE FAT CATTLE ENTRY [Per CfNftßn Press Association.] INVERCARGILL, February 13. . There was a substantially bigger entry of fat cattle forward at Lorncville to-day ( and it was made up of a good selection of all classes. Better quality cattle eased by about 15s a ‘ head, while medium and inferior quality were easier by about £1 _los a head. Prime' quality bullocks realised £l4 to £ls 7s 6d, handy weights £l2 to £l3, light-weights, £lO 10s to £ll 10s, prime quality heifers £lO 5s to £ll ss, handy weights £9 5s to £lO, light-weights £7 10s to £8 10s; prime, quality cows £lO to £lO 15s, good quality £8 15s to £9 10s. medium £7 to £B, aged £5 15s to £6 10s. The entry of fat sheep and lambs was a good deal smaller than that of last week, and comprised chiefly- ewes, the ; majority of which were light and unfinished. The small number of wethers which were included in the yarding were of medium quality only, with few really prime pens. Compared with last week, wethers were about Is a head easier, while ewes were firmer by about Is a head. Good quality wethers made from 27s 6d to 28s 6d, medium 26s to 275, unfinished 22s to 245, good quality maiden owes-22s to 255, prime heavy ewes 19s 6d to-21s, medium quality 16b to 17s fid. light; and i unfinished 13s 6d to 15e. _; Of the entry of fat lambs the majority were only medium quality. One pen of good Wtcheife’ lambs realised 29s The remainder of the yarding sold at 19s 6d to 23s Cd, prices being in keeping with export schedule rates.

DUNEDIN STOCK EXCHANGE

THIS MORNING'S CALL LATEST QUOTATIONS

Buyers. Sellers. £ s. d. £ s;d. N.Z. GOVERNMENT LOANS5£ p.c. Stock, 1955-57 — 9-1 15 0 4 p.c. Stock, March, 1940-43 101 0 0 — 4 p.c. bonds, 1943-46 102 0 0 — 4 p.c. Stock. 1943-46 102 0 0 — 4 p.c. Bonds, 1946-49-101 10 0 — . 4 p.c. Stock, 19-‘6-49 10] 10 0 — 4 p.c Stock, Nov., 1949-52 101 5 O' — 4 p.c. Bonds. 1952-55 101 7 6 — 4 p.c. Stock, 1952-55 101 7 6 — 4 p.c. Stock, 1954-58 101 0 0 — Rural Bonds 100 0 0 — BANKING— New Zealand (£1) ... 2 1 6 — New Zealand, Long “D” (£1) 1 6 6 — Commercial (10s) 0 16 3 0 16 8 E.S. and A. (£3) ... 4 18 0 — National of New Zea land (£2 10s) 2 4 9 — INSURANCE— National (7a) 0 J8 10 — New Zealand (£1) ... 2 19 6 — South British (£1) ... 2 9 6 2 10 5 Standard (£1) 3 10 SHIPPING— U.S.S. Co. (pref., £1) 1 6 0 — MEAT PRESERVING— N.Z. Refrigerating (ex div.) 0 19 0 — LOAN AND AGENCYNational Mortgage (£2) 1 15 0 — National Mortgage (“ B ” Issue, £1) ... 13 6 — Perpetual Trustees (18s) 2 7 0 —- Wright, Stephenson (pref., £1) — 0 18 9 COALWestport (10s) ; — 1 4 6 Westport-Stock tou (pref;, 10s) ~~ 0 8 5 OIL— Taranaki (£1 4s 7d) 0 5 4 — GAS— Christchurch (£1) ... 15 3 — WOOLLEN COMPANIESBond’s Hosiery (£1) 14 0 — Kaiapoi (ord., 17s) ... 0 13 3 — Kaiapoi (cont., 7s) ... 0 4 9 — Kaiapoi (pref., 17s) ... 0 16 0 — Manawatu Knitting Mills (£1) 0 17 6 —- Mosgiel (£4) 10 0 0 “ MISCELLANEOUS— Australian Iron and Steel (5s paid) ... 0 19 6 British Tobacco (£1) 2 13 0 Broken Hill Propfietary'(£l) ... *... 2 13 0 Cos Bros. (5s) 0 9 6 Crystal Ice Co.' (£1) 2 0 0 — D.I.C. (pref., £1) ... 1 2 0 . Dominion Fertiliser (£1) ' — 17 9 Dominion Rubber (£1) 13 6Dunlop Perdriau Rubber (£1) 1 1 6 — G. J. Coles (cont., £1) - ... — 4-3 3 Macduffs Ltd. (ord., £1) 0 4 0 — Milburn Lime and Cement (£1) ... ... 2 0 0 M’Kenzies Dept. Stores (£1) 2 0 0 — National Electric (£1) — 0 16 3 N.Z. Drug Co. (£2) 3 19 0 . — N.Z. Farmers’ Fertiliser (£1) 0 18 3 — N.Z. Malay Rubber (pref., £l). — 1 3 6 N.Z. Paper Mills (£1) 18 9 — ‘Otago Daily Times ' (£1) 2 0 0 —