AUSTRALIA'S GOLD

New Zealand Herald, Volume LXXII, Issue 22198, 27 August 1935, Page 5

AUSTRALIA'S GOLD

" OPTIMISM JUSTIFIED " MINING INDUSTRY REVIVES OVER-PRODUCTION REMOTE Optimism and enthusiasm about gold in Australia are well justified, states the monthly survey of a Melbourne firm of sharebrokers. Gold is playing an important part in Australia's recovery. The rise in the price of the precious metal following England's departure from gold in 1931 and the depreciation of Australia's currency resulted in a revival in the goldmining industry which high costs for labour and materials and inelficient mining and treatment methods had brought almost to death's door. Goldmining in Australia to-day is a substantial industry, paying a good annual dividend cheque, giving everwidening employment not only in the goldmining industries, but to many other industries in the Commonwealth and contributing largely to Australia's national income. The aggregate distributions to shareholders in Australian mines since 1931 total £4,556,000. However, the revival in the goldmining industry is just getting under way. i Most of the new or revivified mines are still developing or nearing the pro- j ducing stage. A few have just started production. In the circumstances, the ; dividend figures have importance be- j cause they form an already substantial basis on which new profit-earning pro- | ducers will build. The question whether the development activity and the investment were justified is bound up with the future ! of gold, the review states. As far as can be foreseen, that future is un- | doubted. Over-production is hardly remotely possible. The easily-won gold of the world belongs to the past, and new rich discoveries will be few and far between. In Australia's first ten years of production (1851-60), with Western Australia still undiscovered, £105,000,000 was won. Last year's pro- j duction, exclusive of Western Aus- | tralia, on the same basis of valuation, ; was worth less than £1,000,000. SEED EXPORT TRADE PROSPECTS NOT BRIGHT PRICES CHECK DEMAND I Prospects for the export of small seeds - overseas from New Zealand are this year regarded as being much less | encouraging than they were last year ! and the year before. The trade, how- ■ ever, is not particularly disappointed, because it is realised that the good I two years were an unusual piece of for--1 tune'for New Zealand exporters. Reports received recently from over- | seas on the possibilities of the fescue I and browntop markets reveal that there will be good European crops, and that the high price asked recently by New Zealand exporters has discouraged interest "in the Dominion as a source of supply. Prospects for the export of ryegrass and similar seeds are also not encouraging. _ One report from Paris said that business was slow because of the high prices being asked for browntop, fescue and dogstail in New Zealand. It was feared that merchants and farmers would seek for cheaper substitutes for the admittedly superior New Zealand | seed unless prices were lowered. It was not expected that there would be any j great trade in Italian or perennial rye- : grass. Prices in New Zealand this year | have been as high as 2s 3d a pound | for fescue and about 2s for browntop, ; but as these levels have restricted de- ! mand merchants have already begun i to reduce their quotations. During the ; last few days there has been a marked I fall in values, especially for crested : dogstad. There was a healthy export j of fescue to America for the autumn trade, prices varying from Is 9d to 2s j a pound, but there has been no inrlij cation that the demand will revive for j the spring trade. STOCK SALES WHAKATANE VALUES I [by telegraph —own correspondent] WHAKATANE, Monday I Dalgety and Company, Limited, reports i having held its fortnightly Bale at "Whakaj tane to-day. A large entry of dairy heifers ; and store cattle cam? forward. Owing to : the recent cold and wet. weather, the range 'of prices was somewhat restricted. Values i were on a par with recent rates and the ' majority of the offering changed hands. Light fat cows sold at from £1 19s to £2 ; 7s Gd; store cows, 15s to 02s: yearling Jersey and Jersey-cross heifers, to £1 8s: Shorti imrn yenrling fiteers, to £1 Us: light Jeri sey heifers, close to profit, £6 sft to £7; j more backward. £4 15s to £5 ss; well-grown Jersey heifers, £5 to £5 10s: medium-grown, ! £4 to £1 l"s Gd: more backward sorts. £3 ! 5s to £3 17s Cd; forward dairy cows, £3 5s to'£4 10s. The New Zealand Loan and Mercantile Agency Company. Limited, quoted as follows:—Light fat Jersey cows. £2 10s to £2 15s; store cows, to £1 10s; two-year-old empty Jersey heifers. ■ to £2: Jersey and Jersey-cross springing heifers, close to profit. £4 5s to £5; backward; £3 to £4; small 'and inferior Jersey-cross heifers. £2 to £2 15s. QUOTATIONS FOR SILVER British Wireless RUGBY. Aug. 21 Silver is ouoted to-day at 29 Jd an 07,., spot and forward, compared with 29d and 28 11-16 d on August 21.