COMMERCIAL

Grey River Argus, 10 March 1933, Page 8

COMMERCIAL

SUEZ CANAL COY. A PARASITE. LONDON, March 8. Advocating League intervention, Sir Arnold Wilson, at the Individualist luncheon, described the Suez Canal Company a parasitic growth on the shipping industry. Tho average dividends of forty pci- cent, sharply compared with the .shipping companies’ agreement in 1883 to reduce transit duties on loaded vessels to five francs a tou, when the dividends reached twenty-five per cent. LONDON, March S. Major Astor, in his Presidential address at tho annual meeting of the Empire Press Union, regretted that Press telegraph rates between Britain and the Empire had not been cheapened. “I a ni not satisfied -that this is inevitable. A few years ago, the cables were congested but the new Empire’s telegraphic channels are rut filled. Surely it is reasonable to ask whether the surplus capacity could not be used for Press traffic, which would be expanded by lower charges,’' he said.

SYDNEY, March 8. At. the wool sales there was good general competition, the market being firm at yesterday’s rates. Greasy merino sold to 21-jd. Ten thousand six hundred and seventy-four bales were offered, and of these 9236 were sold, and 566 disposed of privately. GOLD MINING. DUNEDIN, March 8. Messrs Bell and Kilgour, who are mining on Cromwell Flat, are reported to be on very rich ground, but have been unable to wash their dirt as the sluice boxes arc still under water, due to the high river. A small quantity of wash was, however, panned off during the week, ami a return of 20oz 7dwt was obtained. Ihe Secretary of the Mount David Sluicing Company reports that the altered methods adopted during the last Jew weeks not having resulted in fire anticipated increase in returns, there has been a resumption of tho previous methods used. For the last few days before this resumption the return was -loz 9dwt. LONDON, March s. Gold (a tine ounce) is quoted ns follows:—

RUSSIAN PETROL. ; CHRISTCHURCH, March 8. Next week Russian petrol will be available for motorists, the British motor-tanker, Oil Reliance, with a consignment for the Associated Motorists’ Petrol Company being duo at Lyttelton on Saturday or Sunday. The price per gallon to shareholders will bo Is lOd, with an increase to nonshareholders. In certain districts there will bo an added cost for distribution. The tanker comes from Batoum, on the Black Sea, with a cargo of 7179 tons of petrol for discharge at Auckland, Wellington, Lyttelton and Dunedin, and her cargo represents 2,100,000 gallons of spirit. This is the first shipment of Russian petrol to come to the Dominion.

The petrol is stated to be the highest grade.

£ s. d. Marell 8 . . - . 3 IS 11 March 7 . . 5 19 7 Marell 6 . . - 19 7 March 3 . . 6 0 8 March 2 .. . . . . 6 1 March 1 . . 6 1 'll February 28 6 1.