PRODUCTION OF COPPER.

New Zealand Herald, Volume LXVII, Issue 20722, 15 November 1930, Page 7

PRODUCTION OF COPPER.

REDUCTION IN OUTPUT. NEW YORK PRICES RISE. (Received November 14. 5.25 p.if..) NEW YORK. Nov. 13. The Copper Institute announces that producers representing 90 per. cent, of the world's output have agreed to reduce production by 20,000 tons a month, representing 15 per cent, of the world's production of copper, and about, equal to tho excess of tho current production over consumption. Prices to-day rose to 10 cents in New York and it is expected that they will shortly go to 12 cents, where they may remain for a considerable time. All copper shares on the New York markets advanced one to three points to-day. OUTLOOK FOR WOOL. ENGLISH BUYER'S VIEWS. HAND-TO-MOUTH TRADING. Reviewing the wool market at the close of last London sales on October 7, H.Dawson, Sons and Company, Ltd., said: "Most people believe that prices are near bottom and that risk of holding wool is now practically eliminated, but the credit position of the industry is not favourable to heavy operations, and it seems as if hand-to-mouth trading may continue for a time.

"The best information from most centres indicates that the markets are not overstocked either in 'manufactured or semi-manufactured products—but that the continued slump has postponed the placing of orders. If this is correct, and it is only a delayed demand, (here is still hope of an early break in the general stagnation of the past few months. It is universally reported that there is no large buying for future requirements and that the small business given out is always for immediate and urgent delivery. This indicates that the position is much sounder than it appears on the surface. Any improvement at the cloth end would quickly bring a new spirit and activity to the raw material markets, but any change must inevitably be wrought from that section. "The most hopeful sig;i on (he horizon comes from the United States, where there is a considerable undercurrent of optimism, and a strong revival in the late autumn has been, and is still, expected. Meanwhile, a cautious policy is being followed in the textile business, although activity of machines in both cotton and wool is steadily increasing. After a lean period of three to four years there is a sign that consumption of wool is slightly increasing. More looms are in operation, but deliveries are required only for immadiate needs, and very few orders are forthcoming for the period ahead " SALES AT GEELONG. HIGH BIDDING BY FRANCE. SYDNEY. Nov. 14. At the wool sales at.Geelong Franc* paid the highest grice, 20£ d, for super combings. INCREASE IN PRICES. LONDON NEWSPAPER'S COMMENT. LONDON, Nov. 13. The Financial News .says it regards *the increased wool prices at the Sydney, wool sales as a matter of satisfaction, but it would probably be too sanguine to expect from Australia any great increase in wool export values during the current season.AUSTRALIAN WHEAT CROP. RECORD HARVEST EXPECTED.. 215,000,000 BUSHELS. The Commonwealth Statistician, Mr. CL H. Wickens, estimates that the Australian wheat harvest will amount to 215,000,000 bushels. This would be a record for Australia, the previous record being in 1915-16, when 179,000.000 bushels were harvested. The area expected to be harvested for grain is 18,167,000 acres, which exceeds the record of the previous year by mora than 3,255,000 acres. The anticipated yield is 11.83 bushels an aero. For the 10 years ended 1929-30 it was 12 bushels. Mr. Wickens' estimates of the acreages and yields of the various States are:—» New' South Wales, 5,190,000 acres, 72,000,000 bushels; Victoria, 4,620,000 acres, 55,500,000 bushels; Queensland, 300,000 acres, 4,500,000 bushels; South Australia, 4,100,000 acres, 33,000,000 bushels; Western Australia, 3,950,000 acres, 49,500,000 bushel*; Tasmania,, 17,000 acres, 500.000 bushels. NEW ZEALAND'S TRADE. IMPORTS FOR NINE MONTHS.; SOME LARGE DECREASES. The value of the imports into New Zealand for the nine month's to the end of September totalled £33,348,543, as com-i pared with £36,354,414 for the corre!>« ponding term of last year, thus showing a decrease of £3,000,000. Luxury imports such as liquor, spirits and tobacco were lower, as will be seen by the following:'— 1930. 1929. A Je. porter and beer £ 19,518 £17,656 Bitters, liqueurs, eto. 4,000 4,140 Brandy . . . . 39,843 ? 34.936 Gin. Geneva, etc. . . 59,839 60.355 Rum 11,627 10.005 Whisky . . . . 352,295 379,733 Wine 81.972 91,051 Cigarettes ~ .. 833,818 444.954 Cigars 12,024 14,210 Tobacco .. . . 645,487 560,339 £1,460,483 £1.617.409 The new duties have been operative for only a few months of the period, and the decline is certain to be progressive. The heaviest decline is in the popular cigarette, which has fallen by over £lll,OOO. Tobacco is down by nearly £15,000, whisky by nearly £27,500, and wine by; about £9OOO. A fair sum was paid for dried and fresh fruit, the values showing as under: — Dried— 1930. 1929. Apples and apricots £21,703 £11,488 Currants . . . . 22,101 . . 31,190 Dates 20,541 25,37(1 Figs 2,103 1,728 Prunes .. . . 21,6(17 18,719 Raisins .. .. 103,740 136.239 Other 6,503 3,754 Fresh— Apples . . . . 624 885 Bananas . . . . 61,252 84,077 Oranges and lemons 91,937 85,689 Other . . . . . . 42,264 36,560 £397,440 £438,205 The shrinkage amounts to £40,765, and is mostly in connection with raisins. In the nine months the Dominion paid £574,503 for sugar, against £657,253 in the corresponding period of last year, although the quantity imported was 1,339,066cwt., against 1,240,286cwt. New Zealand spent £568,456 on tea, against £729,581 last year, and £1.888,448 on motor vehicles, against £3,279,935, During the nine months the Dominion imported 133,740 tons of coal, valued at £171,595, and exported 103,981 tons, valued at £152.448. The Dominion imported timber to the value of £658,571 and exported timber of the value of £256,736.The phosphates imported were valued at £403.000, against £554,565, and othM manures cost £116,909, against £146,619-