THE LONDON MARKETS.

New Zealand Herald, Volume LXV, Issue 20131, 17 December 1928, Page 9

THE LONDON MARKETS.

FROZEN MEAT. Australian 'and N.Z. Press Association. (Received December 16. 6.5 p.m.) LONDON. Dec. 15. Sheep.—New Zealand owes, 4gd; Australian ewes, 4Jd. Lambs.—Canterbury seconds, 7£d; other solecteds, light, 9£d; medum, 9jjd; North Island soconds, 7j|d; Anstralian firsts, Victorian, 9d; others, Bjd; seconds, Victorian, 7jjd; others, 7^d; thirds, 6Jd; Argentine seconds, 6j|d; thirds, 6Jd. Chilled Beef.—Argentine hinds, 6gd; other meats unchanged. COTTON, RUBBER, JTJTE, ETC. (Last week's prices in parentheses.) \ Cotton. —.January delivery, 10.49 d (December, 10.48 d) per lb. Rubber.—Para, plantation and smoked, BJd (8 11-6 d). Jute.—December-January shipments, £32 5s (November-December, £32 2s 6d) per ton. Copra.—December-January shipments, £24 10s (November-December, £24 10s) per ton. Linseed 0i1.—£29 5s (£3O 15s) per ton. Turpentine.—47s (47s 6d) per cwt. WHEAT.

Wheat. —Cargoes are quietly steady and occasionally dearer 011 better American reports, but buyers are not responsive. Parcels aro inactivo and steady. Liverpool futures: December delivery, 9s o£d per cental; March, 9s 2gd; May, 9s 3|d; July, 9s 4Jd. DEBT TO AMERICA. FURTHER PAYMENT BY BRITAIN.

Australian Press Association—United Service LONDON, Dec. 14.

The British Government to-day paid the United States £18,040,000 toward redemption of its debt. Of this amount £5,400,000 was on account of principal. Since the funding commenced tho payments have amounted to £192,876.000, ol which £29,400,000 has been on account of principal, reducing tho present indebtedness to £890,600,000.

SHIPPING FREIGHTS RAISED. ATLANTIC COAST TO AUSTRALIA. Australian and N.Z. Press Association. LONDON, Dec. 14. It is learned that the shipping freights from Eastern United States and Canadian ports to Australia have been raised all round. Tt is expected that Pacific Coast ports will shortly follow suit.

KAURI TIMBER CO. DECLINE IN TRADING PROFITS. A summary of the. annual report of the Kauri Timber Company, as cabled from Melbourne, was published on December 7. A copy has now been received by mail. The profit and loss account shows that the gross trading profits were £76,613 (to which were added £15,000 from the dividend equalisation fund), as against , £119,771 1 ast year. Management, taxation and other expenses totalled £45,666 (as against £51,852); depreciation on properties and plant £10,951 (£11,560). and repairs and maintenance £IO,OIO (£12.077). Bad debts to the amount of £2944 were written off as against £3860. Appropriations for fire, marine and staff _ insurance amounted to £2IOB, as acainst £2546. The net profit was £4933,. : ns against £36,172 in 1927, the transfer of £15,000 from the dividend equalisation fund making a total available of £23,154. of , which £22.500 is to btf appropriated to pay a dividend of 3 per cent. The balanco-sheet .allows assets totalling £1,027,452, a. reduction of £49,500. The company's reserves total £217,555, as against £244,402 last year. CHILEAN FRUIT EXPORT. I t A GROWING INDUSTRY. In time to come Chile will have to be reckoned with as a competitor with New Zealand and Australia in the fruit market, and especially in the South American markets. The Chilean Government, in order to encourage fruit farming, is forming; experimental stations in different parts of the country and assisting fruitgrower!! to develop their plantations with a. view to increasing their export of both driod and fresh fruit. Successful experiments have already been made in the exporting of frgit to the United States and to Great Britain, and there is every reason to believe that the fruitgrowing industry in Chile admits of enormous expansion. Already Buenos .Aires takes the hulk of the Cliilean apple crop, and Covent Garden has already been tested as a market. The acrcago under fruit of all kinds in Chile is 70,000 of 80,000,000 acres suitable for the purpose.

MINING A FAMOUS METEOR.

BURIED WEALTH IN ARIZONA

The gia-it Barringer motoor of Arizona which is estimated to weigh 10,000,000 tons and to bo worth £100,000,000, is to bo explored by mining operations to 'determine) ts actual content and the possibility of exploiting it commercially, The work is to be under the supervision of Mr. D. M. Barringer, a geologist of Philadelphia, after whom the meteor was named.

Tests made by Mr. Barringer phow that it is reasonable to estimate that the meteor contains 90 per cent, of meteoric iron, 7 per cent, of nickel, and small quantities of platinum and iridium. The motoor is 22 miles from Winslow, and when it crushed to earth millions of years ago it created a crater a inilo wide und 1000 ft. deep, and displaced about 300,000,000 to.ns of rock. The crater has , been the centre of geologicul interest for 50 years. Numerous efforts havo been made during tho last 25 years to roach tho great shooting star itself and make reliable assays, Finally Mr, Barringer,discovered the main body of the meteor 1376 ft. from the southern rim of tho crater.

Thousands of pounds have been spent in futile efforts to locate tho meteor and its mineral wealth. Even the great United States Mining, Sniolting, and Refining Company ono of the_ largest corporations oi its Kind in the United States, was forced to abandon tho attempt after spending £50,000. Mr. Barringer, however, has persisted for 25 years, und, after spending his pergonal fortuno, determined tho position of tho great body of ore with sufficient exactitude to enable him to ask with confidence for the assistance of capitalists and mining engineers, The Calumet and Hoclfts Mining Company is conducting the mining operations. THE WHEAT POOL. Tho signing up of wheat-growers representing 120,000 acrcß, tho objective set themselves by those interested in the formation of the wheat pool, was attained on December 1, the date As a matter of fact tho total acreage was 124,248 acres, and there are still some returns to come in. Jt is likely that this total will be increased, as tho canvass of growers will be continued in thogo districts which Boein to warrant that stop.