COMMERCIAL

Greymouth Evening Star, 9 December 1933, Page 8

COMMERCIAL

WOOL INDUSTRY [BY CABLE —PRESS ASSN. —COPYRIGHT.] (Rec. December 9, 9.30 a.m.) SYDNEY, December 9. The Herald’s weekly wool letter says: The satisfactory demand experienced during simultaneous conduct of auctions in Australia, London and in other countries, is a tribute to the strong marketing position of raw material. Values for the bulk of merino wools submitted at Sydney showed no quotable change compared with rates in November, but better descriptions of fleece wool and dusty doubtful yielding lines were irregular at times and five per cent easier. The fact cannot be overlooked that the value of wool has shown a decidedly rapid recovery and until prices for metals, cotton, butter, wheat and other products also advance appreciably, and thereby increase the general purchasing ability, danger exists of the market temporarily exceeding the public buying power. Moderation is essential for the season’s sales to produce reasonable stability in rates. The higher cost of wool this season has not, thus far, given any disturbing check to trade in mill products. The week’s current wool prices were:—Greasy extra super merino to 34d, ditto best 23/24, good 21/22, average 19/20. Ditto slight seed or burr best 20/21, good 18Jd to 19£d, average 16Jd to 17Jd; ditto burry best 18/19, average 16d to 17d; inferior 13d to 15(1'. First pieces best 22d, good 19d to 20d, average 16d to 18d. Bellies, best 13|d to 14Jd; locks, best to 12d. ' Lambs, best to 24d. Comebacks, best to 23d; crossbreds, best to 23i?d.

DORMAN LONG’S AFFAIRS. LONDON, December 8. The Chancery Court, by consent., dismissed the petitions to appoint a receiver for Dorman Long, Ltd., to enable a three months’ moratorium in which the company will propose a new scheme. GRAIN AND PRODUCE. CHRISTCHURCH, December 8. The week has not assisted to clarify the position as to crop prospects. Ryegrass crop is likely to be much smaller, and this is firming ideas of values. The amount of export is now small, but values have firmed slightly. Perennial is quoted at up to 2/9 per bushel on trucks, and Italian from 2/6 to 3/for best quality. The cocksfoot market is also reaching to dry conditions, and a reduced crop is anticipated. Akaroa is quoted up to 7d per lb, and plains from 6d to 6Jd, though there is very little business passing. In the oats market, there is a tend-

ency towards a stronger tone. A i grade gartons are quoted at 2/5 to 2/6, f.0.b., s.i., Lyttelton. The dry season in Marlborough is directing attention to the prospects of the chaff market, which has been neglected for some time. There is no appreciable alteration in quotations however. Potatoes are attracting little inter- • est. Main crop quotations range . about £3 10s, f.0.b., s.i., but no business is reported at this figure. Grow- , ers are not tempted by quotations. , The fowl wheat market is firm at 3/6 ■ f.0.b., s.e., both for prompt and for- ? ward. J . BUTTER AND CHESE. Copy of cablegram received by Dal- , gety and Company, Limited, from their London office, dated December 8: —- Butter: Market firmer. Danish, ! 110/- to 112/-; N.Z. finest, 70/- to 72/-; Australian finest unsalted, 78/- to 84/-; Australian finest salted, 69/- to 71/-; Australian G.A.Q., 66/- to 68/-. I- Cheese: Market steady at present ■ N.Z. white, 17/- to 49/-; N.Z. coloured, ■ 46/- to 47/-: Canadian white and eol- : oured 48/- to 53/-. I STOCKS AND SHARES. ; DUNEDIN, December 9. i Sales on ’Change: Waitahu 4/11, Nokomai 2/6. / ; WELLINGTON, December 9. > Sales: South British 77/3, Huddart • Parker pref. 25/-. , WAIHI G.M. CO. > I [special to “star.”] ’ AUCKLAND, December 8. ; Information cabled to the London office of the Waihi Gold Mining Coy., for the period ended November 25, comprising twenty-two crushing days: — No. 4 level, north branch of Martha Lode, driving west, next. 35 feet is ore of good grade, about 4ft. No. 5 level, north branch of Martha lode, driving ’ west, next 35 feet is ore of good grade, ' about 2 feet wide, but is now split at tho face. Martha Lode, driving 1 west, next 30 feet asays 8/6 ton, and next 16 feet 35/6 ton. No. 12 level, Royal Lode, driving east, next 47 feet asays 17/- ton. Grand Junction, No. 6 level, Royal south-east, prospecting in crosscut at 70 feet west. At 29 feet in we have . intersected quartz. First 2 feet assays 17/9 ton, and last 9 feet 2/9 ton. ' The course of the lode is 250 degrees ’ true, and the dip 1 in 5, north. KAURI TIMBER CO. MELBOURNE, December 8. The Kauri Timber Company’s accounts for the year ended August 31 ' show a considerable improvement. The net profit was £10,821. The sum of £15,000 from the Dividend Equalisation Fund, with £25,327 earned, ex- ■ tinguishes the previous debit of

£36149 in the profit and loss account. A two per cent, dividend is being paid. N. CANTERBURY FREEZING CO. CHRISTCHURCH, December S. The annual report of the North Canterbury Sheep Farmers’ Co-operative Freezing, Export and Agency Company states that the drought of last summer caused an early rush of stock into the works, but a failure of the autumn feed resulted in a reduced turnover for’ the season. An improvement of prices on the London market towards the end of the season proved beneficial to producers taking advantage of the Company’s open door policy. Trading results for the year disclose a profit of £7,855/19/-, from which the directors recommend the sum of £3,635/18/- be . appropriated for depreciation, leaving £4,220/1/- to be transferred to the Appropriation Account. HATTER’S FI,AT REPORT. The following is a report from the claim manager of Hatter's Flat (West Coast) Mining Company, Ltd., for the week ending December 2:—Work has progressed satisfactorily tor the week. The drag line has been clearing away surface ready for going down on the pay gravel. Other work is ready for pumping plant, etc. COMPAN Y REGISTERED. STEEL (J.), (Jnr.), LTD. Regd. as a private company, Dec. 1, 1931. Office: Mackay Street, Greymouth. Capital: £2500 into 2500 shares of £1 each (1200 fully paid 10 per cent cum. pref.) and 1300 (10/- paid) ord. shares. Subscribers: Greymouth —J. Stool 1300 ord., James Steel 1200 (10 per cent, cum. pref.). Objects: Boot, shoe and general footwear dealers. BIG RIVER MINES. The report, for the month oi November of the Big River Gold Mines, Limited, is: — Main Shaft: During the month, mining operations were chiefly confined to repairing the main shaft between Nos. 3 and 1 Levels preparatory to reopening No. 4 Level. Practically the whole of the timbers had to be renewed and men are now employed securing the timber below this level. Work has been delayed for a few days to repair the shaft between Nos. 1 and 2 levels. Given fair progress, a commencement to repair No. 4 level chamber should be made in a week’s time.

Jones’ Reef: Work on this ore body is practically stopped, the whole of the ore available having been extracted,

No. 3 Level, No. 1 Drive on Henderson’s Reef: The timbering on a portion of this level has been completed

and stoping commenced over the level. A reef 4ft. 6in. is now in the face at 210 ft. in. Preparations are also completed to test a make of stone 15ft. in. Prospects here are promising. Crushing: Very little crushing has been done for the month owing to the main shaft being under repair, and thus preventing haulage operations.

An unprecedented drought is now being experienced, ami no water is available for driving Ihe battery.