BASE METAL SUPPLIES

New Zealand Herald, Volume LXXIV, Issue 22724, 10 May 1937, Page 5

BASE METAL SUPPLIES

, CANADIAN PRODUCTION

SHARE IN WORLD'S NEEDS

RAPID RISE OF INDUSTRY

With the almost unparalleled demand for base metals, owing to the stimulus of industrial recovery and rearmament plans, every field of production is being worked to the utmost. Although gold has been the mainstay of the mineral industry in Canada in recent years, the development of base metals lias had a rapid rise. Canada has active and potential resources of the ores of copper, nickel, lead and zinc, sufficient to meet her own needs and a large share of the world requirements for many years to come. Although possessing no commercial sources of the ores of aluminium, Canada is one of the leading producers, as a result of the abundance of cheap electrical power. A large share of the world demand for cobalt is supplied by her mines. Canada has important resources of iron, but as the iron content of the ores so far discovered is not sufficiently high to meet competition from outside sources the deposits aro not as yet being actively developed. Twenty years ago not a pound of refined metal was produced in Canada. Since then more than 160,000,000 dollars (about £10,000,000) has been expended, most of it between 1926 and 1931, in the erection of modem smelting units and refineries. Canada's output of base metals in '1936 was valued at 108.800,000 dollars (about £27,200,000), or approximately 31 per cent of the total value of mineral output for the year. Exports of the metals equalled 10 per cent of the total value of Canada's external trade for the year. The Canadian base metals industry supplies close to 90 per cent of the world's nickel requirements, and from 8 to 15 per cent of the requirements of lead, zinc and copper. Last year 10 base metal companies were in active operation in Canada. These companies paid an estimated total of 36,000,000 dollars (about £9.000.000) in salaries and wages to their 25.000 emplovees, and expended more than 70,000,000 dollars (about £17,500,000) in the Dominion on the purchase of supplies and equipment. Dividends paid by the Canadian base metal industry last year totalled 40,000,000 dollars (about £10,000,000). WILSONS CEMENT SAME FINAL DIVIDEND The directors of Wilsons (New Zealand) Portland Cement, Limited, recommend payment of a final dividend of 9d a share, making Is Od a share, or 15 per I cent, unchanged, for the year ended March 31. Last year a jubilee bonus of 5s a share, or 50 per cent, was paid. GOLD AND SILVER QUOTATIONS IN LONDON (Received May 9, 5.5 p.m.) LONDON, May 8 Fine gold is quoted to-day at £7 0s B|d an oz., compared with £7 0s Sd yesterday, and £7 0s 7Jd on Thursday. Silver js quoted at 20gd an oz. spot, and 20 7-16 d forward, compared with 20 7-16 d and 20Ad on Thursday. The quotation for silver at per fine oz. is 22d, compared with 22 l-16d on Thursday. FOREIGN EXCHANGES MOVEMENTS OF THE FRANC (Received May O, 5.5 p.m.) British Wireless RUGBY, May 8 The following rates on foreign exchanges were current yesterday, compared with the cabled quotations on May 6 and par:—

, (Eeceived May •9, 5.5 p.m.) LONDON, May 8 On tlie foreign exchange market today the following quotations ruled: New York, 5.93| dollars; Paris, 109 3 %a francs; Batavia, 8.97 guilders. NEW ZEALAND QUOTATIONS The Associated Banks (other than the Bank of New South Wains) quoted the following dollar rates on Saturday on a New Zealand currency basis, subject to alteration without notice: — Sellirur: United States Canada On demand .. 3.00 3-10 3.05 5-10 T.T 3.95 J I-10 3.0113-16 Buying: On demand .. 4.00% 3.00 9-10 Following are the latest rates for purchases and sales of foreign exchange quoted by the Bank of New South Wales, Auckland. They arc subject to alteration without notice:

The cost in New Zealand currency of the pound sterling, and of the principal overseas units, on the latest quotations, is as follows: — Present price Par sd s d London, pound . . 21.10.05 20 0.00 Australia, pound .. 1!) 10.81 20 0.00 l-'iji, pound .. 22 5.(50 20 0.00 New York, dollar .. 5 0.52 4 1.31 Montreal, dollar .. 5 0.00 4 1.31 Paris, franc .. .. 0 2.70 0 2.28 Berlin, rcichmark .. 2 0.31 0 11.71 Copenhagen, krone . 1 1.33 1 1.22 Yokohama, yen .. 1 5.41 2 0.58 CUSTOMS EXCHANGE RATES Bates of exchange ruling at the announced dates of departure of vessels named are shown in the following table. They are subject to confirmation by the Customs Department when the exact time of departure is learned. Finally declared rates are marked*: — City of Oran, America, dollars .. *I.OO City of Oran, Canada, dollars *4.89 •Mariposa, America, dollars .. .. *4.04 Mariposa, Canada, dollars .. .. *4.UI

May 7 May 0 Par Montreal, dol. . . 4.92'/, e 4.92% s 4.800 New York, dol. 4.93% a 4.93% 4.80 Paris, 'fr. 110 110 105.00 Brussels, belga.. 2 9.22% 20.23 3i\00 Geneva, fr. Amsterdam, gr. 21.58 21.58 25.22 8.99% 8.09% 12.10 Milan, lire 93% 93% 92.00 Berlin, r.m. 12.28 12.28% 20.43 Stockholm, kr... 19.39% 19.30% 18.159 Copenhagen, kr. Oslo, kr. 22.-10 19.90 22.40 19.90 18.159 18.159 Vienna, sell. .. 120% 20% 34.585 Prague, kr. Ml% 141% 104.25 Helsingfors, mark 220% 220% 193.23 Madrid, pes. .. 551 55t 25.221 Lisbon, escu. . . no y 16 110% „ 110 Athens, dr. 547% 547% 375.00 Bucharest, lei... 072% 072% 813.0 Rio de Janeiro, rn. ■f l /d 4%d* 5.899d Montevideo, dol. 3f)%d* 307t,d* 51d Bombay, rupee. . IS/id 18%d 18d Shanghai, dol... iiy 16 d l'l 15 /iod 14 %d Hongkong, dol. 14 1 '/lefl — Yokohama, yen i-id 14d 2-l.r»Sd Batavia, gr. 8.07% 8.97% 12.10 Belgrade, din.. 215 ' 214 270.8 L Warsaw, zlot.V. . 20.03 20.03 43.38 iNominal. * Sellers.

To £1 N.Z. T.T. On Demand Currency Selling Buying Selling U.S.A., dol. . 3.0556 4.01151 3.0006 Canada, dol. . . 3.9483 3.1)058 8.1)533 Austria, sell. .. 20.68 — 20.70 Belgium, belga 23.343 — 23.354 Czecho-vakia, cr. 11'2.1)1 — 1 12.06 Denmark, kr. . !17.803 18.263 1 7.003 France, fr. 88.02 — 88.06 Germany, r.m. 0.701 — 0.7!)0 Holland, fl. . . 7. ISO — 7.184. Italy, lire 75.17 — 75.22 Java, fl 7. i 53 — 7.157 Norway, kr. .. 15.802 10.212 15.002 Sweden, kr. '1 o.l! 1J 15.840 15.501 Switzerland, fr. 17.248 _ 17.253 Noumea, fr. 86.05 — 80.71 Papeete, fr. .. 80.80 — 80.80 N.Z. pence to — Hongkong, dol. J 8 51-04 18 17-64 18 25-32 India, rupee . . <22 21-3*2 22 11-32 22 41-04 Ceylon, rupee "2 21-3° 22 11-32 22 41-64 Japan, yen . . 17 1*5-32 — 17 20-01 Shanghai, dol. 18 10-01 17 40-01 18 0-32 Singapore, dol 35 13-04 34% 35 3-16 Chefoo, doi. . . 18 13-32 17 17-04 18 25-64