COMMERCIAL

Greymouth Evening Star, 7 February 1939, Page 8

COMMERCIAL

LONDON MARKETS

[BY CABLE —PRESS ASSN. —COPYRIGHT.]

LONDON. February 5

All hough the volume of business and inquiries in the stock market contracted al the week-end after Hie rebound due to Herr Hitler exchanging the guise of ogre to the markets ioi that of fairy godmother, and the gold revaluation, it. is regarded as a favourable omen that prices have not weakened.

Commodities generally are firmer, owing to the international relief. Butter is firmer, because of the reduced Australian gradings, but cheese is weak. GOLD AND EXCHANGE.

LONDON, February 6. Gold 148/ss, dollar 4685, franc 188.

WOOL SALES.

BROKERS REVIEW PROSPECTS

[by CABLE —PRESS ASSN. —COPYRIGHT.]

LONDON, February 5

The woolbroking firm of H. Dawson and Sons, reviewing the wool sales, expresses the opinion that there is no justification for optimism in the long range view until the European Powers have settled their outstanding problems. Meanwhile, the British domestic, financial and industrial position does not suggest a serious trade recession. Wool, like most commodities, is now down to a reasonable level, which must create an additional demand. The recent, sales somewhat ironed, out the serious disparity between the value of merinos and crossbreds, the latter receding slightly more, although even now the average is out of line in relative value to finer grades.

BRADFORD BUSINESS. (Recd. February 7. 2 p.m.) LONDON, February 6. At Bradford, merino tops showed a hardening tendency, but crossbreds were unchanged. There was steady, fair business, mainly in finer grades. SYDNEY SALES. [BY CABLE —PBESS ASSN. —COPYRIGHT.] SYDNEY, February 6. At the Sydney wool sales, 10,932 bales were offered, and 10,254 sold at auction, as well as 404 privately. The improvement in the market reported on Thursday was fully maintained for all well-grown wools. Prices were from par to 5 per cent, higher, comebacks and crossbreds sharing in the improvement and meeting a particularly strong demand, especially from Japan. Competition was well distributed. Greasy merino made to 18d. The average price for wool last week was £l2/16/8 a. bale, or 10.5 d. per lb.

SECOND AUCKLAND SALE

[per press association.] AUCKLAND, February 6. Woolgrowers throughout the Auckland province 'will benefit by the distribution, to-morrow, of a. sum estimated to be about £245,000, on account of the second Auckland sale, held on January 24. This compares with a. cheque of £339,89G from the first Auckland sale of the season, and £397,262 from the corresponding auction last year.

STOCKS AND SHARES

WELLINGTON, Feb. 7.

Sales, morning call: Bank of New Zealand £l/18/6, Wellington Gas Pref £l/3/-. Noon call: South British Insurance 44/71, Farmers’ Trading 19/-. Sales reported: New Zealand Insurance £2/14/9, South British Insurance £2/4/71, Leyland O’Brien Timber 14/9, New Zealand Breweries £2/0/3. CHRISTCHURCH, February 7.

Sales: Bank of New Zealand 38/3, New Zealand Breweries 40/- (3), British Tobacco 4S/9, Evans Flour 22/-, Woolworths (N.Z.) 17/6. SYDNEY, February 7.

Sales: National Bank. £5 paid, £6 4/-, Bank N.S.W. £29/19/-. Tooths 53/6. Associated News 20/3, British Tobacco New Zealand Delivery 47/6, Electrolytic Zinc 46/-. CLUTHA RIVER. For the. week ended February 3, Clutha River Gold Dredging Ltd. reports the recovery of 93 oz for 136 hours. MATAKI. The Mataki return for the week ended February 3 was 29 oz for 106 hours' work and 7200 yards.

BLACKWATER MINES. Return for the month of January: Crushed 2809 tons, yielding 1309 fine ounces of gold from all sources, including clean-up from old mill and treatment, of accumulated concentrates, the value of which, taking gold at 148/6 per line ounce, was £9721. Working expenses were £6638, leaving a working profit of £3083. Capital expenditure was £703 and development £757. Review of development work carried out during the month: —No. 11 Level drive north advanced 20 feet, all on reef averaging 14.72dwts over a width of 22 inches. No. 12 Level drive north from crosscut west at 105 feet north advanced' 10 feet, all off reef. No. 12 Level winze at 2270 N advanced 111 feet, al on reef, averaging 19.25dwts, over width of 25 inches, and holed through to stope. No. 13 Level drive south advanced 29 feet, all on reef, averaging 21.32dwts over 45.7 inches. No. 13 Level rise at. 910 N advanced 12J feet, all on reef, averaging 21.92dwts. over a width of 40.6 inches and holed through to winze. No. 13 Level winze at 2830 N advanced 7 feet, all off reef in fault. No. 14 Level drive north advanced 30 feet, the first 15 feet being off reef and the remaining 15 feet on reef averaging 11.53dwts over a width of 15 inches. No. 14 Level drive south advanced 53 feet all off reef. WELLINGTON GAS CO. WELLINGTON, Feb. 7. The Wellington Gas Company, at the annual meeting, declared a dividend of 8 per cent. I