COMMERCIAL

Greymouth Evening Star, 1 April 1933, Page 8

COMMERCIAL

NEW ZEALAND WHEAT SURPLUS. [pee pbess association.] WELLINGTON, March 31. The following statement has been made by Mr Clinkard, Chairman of the Wheat Purchase Control Board: “As a result of particularly favourable growing and harvesting conditions the production of wheat for the current season will be considerably in excess of New Zealand’s requirements for the ensuing twelve months. While the Wheat Purchase Control Board has no desire or intention to export wheat to a greater extent than is absolutely essential, in the circumstances it is evident that the surplus is such that the whole of it cannot reasonably be carried forward for possible needs in 1934. As a result the sale of 7,700 tons for May delivery has been effected by the Board.” ESTIMATES EXCEEDED. CHRISTCHURCH, March 31. The announcement that the Wheat Board has sold 7700 tons of milling wheat has occasioned little surprise in the trade, as the wheat yields are promising to be heavier than forecasted, and the surplus will be in excess of what could be carried over. It is suggested that the shipment mentioned may be destined for the East. GRAIN AND PRODUCE. CHRISTCHURCH, March 31. There is no change in the value of fowl wheat, which is ruling at 2/IOJd f.o.b.s.i. Fair quantities of fowl wheat are now going north. The oats market is lifeless. Peas, of which there is a good crop, are quoted at 3/3 per bushel foi’ A grade. Cowgrass is now offering freely. It is of first-class quality, and is quoted at 6d to 7d lb on trucks. The potato market is firm, though little business is being done. The North Island has not yet shown any interest, although, as a rule, fair quantities go forward in the latter part of March to the North Island. The announcement that the removal of the potato embargo in Australia is one of the subjects of discussion by the Trade Conference at Wellington is encouraging the hope that the Australian outlet may be restored, although at the present price it would be of little use. The quotations f.o.b.s.i. at the moment are at 55/per ton for April and June shipment. The value on trucks is 32/6.

BANK OF ENGLAND. LONDON, March 31. The Bank of England’s fiduciary issue has reverted to the normal amount of £260,000,000. BUTTER AND CHEESE. The following is a copy of a cablegram received by Dalgety and Company, Limited, Greymouth, from their London office, dated March 31: — Butter: Market depressed. Danish 90/- to 94/-, N.Z. finest 66/- to 68/-, Australian finest unsalted 66/- to 68/-, Australian finest salted 64/- to 67/-, Australian G.A.Q. 60/- to 62/-. Cheese: Market weak. N.Z. white 40/-, N.Z. coloured 48/-, Canadian white and coloured 60/- to 68/-.

MINING. SNOWY RIVER SLUICING. A recommendation to alter the nominal value of shares to 1/- from 5/was made at the annual meeting of the shareholders of the Snowy River Sluicing Company, Limited, held in Christchurch on Thursday. The present capital of the company is 120,000 shares of a nominal value of 5/- each, and the proposal will substitute for this a nominal capital of 600,000 shares of 1/- each. It was stated that the company expected to start sluicing operations on a face from 60 to 80 feet high, about June 1, when the water-race of 6J miles, from the Blackwater intake to the mine, between Ikamatua and Reefton, will be completed. The annual report, which was adopted, stated that of the authorised capital of 120,000 shares of 5/- each, or £30,000, there had be'en paid to the company the total sum of £20,855. The water-race is estimated at a total length of six miles with a fall of six feet each mile, and is driven through 33 tunnels of a total length of 16,000 feet. Many of these tunnels are pierced through rock, half formed coaly substance, and alluvial country, while portions of them have been very wet, necessitating timbering where the roofs were flaking. The open ditching is chiefly in good standing clay and gravels, whilst some rock has been encountered. The seepage from the race will be negligible and what little may occur will soon take up. The profit and loss account for the period ended December 31, 1932, showed the following items: —General expenses £64 9/-, secretary’s salary £125, legal expenses £27 10/6, license fees £7 12/-, travelling expenses £l5 18/8, total £240 10/2. Interest was shown at £7l 10/8. The balance sheet was as follows: —

Liabilities: —Nominal capital 120,000 shares of 5/- each, £30,000, less unallotted, £5396 5/-; less instalments unpaid, £3748 12/6. Total: £20,855 2/6. Sundry creditors contractors, etc., £9OO 0/4. Gross total: £21,755 2/10. Assets—Cash in bank, £284 0/10; cash on deposit, £4700; accrued interest, £42 16/6; property rights and privileges, £11,575; water race, £3482 4/2; preliminary expenses, £1502 4/10; profit and loss account, £l6B 16/6. Total £21,755 2/10. Contingent liability —Water race contracts, £5OOO. A report from the company’s engineer (Mr Tom Learmont), stated that the works as a whole were progressing satisfactorily. Since the commencement of operations in September, over 11,000 feet of tunnel had been driven, including 630 feet through rock. Twenty tunnels out of 30 were finished and passed through good standing country. One hundred and thirty-six chains of ditching in alluvial, and 30 chains of rock ditching was completed. Ninety per cent, of the ditch was in excellent race country, and only a few chains of fluming would be required. Thirteen contract parties, totalling 50 men. were engaged in construction, and it was safe to say that each party would complete its contract. May would see the Millerton tunnel holed and the other portions of the race completed. The retiring director, Mr H. P. Bridge, was re-elected, and the meeting decided to fix the total amount for fees for- the five directors at £2OO. Mr E. J. Woolf was re-elected auditor.