MT. LYELL PROGRESS

New Zealand Herald, Volume LXXV, Issue 22974, 28 February 1938, Page 7

MT. LYELL PROGRESS

INSPECTION OF FIELD - ' SATISFACTORY OUTLOOK THE PRICE OF COPPER ■ 1 Satisfaction with operations on the J, vol I field was expressed byiMr. P. C. Holmes Hunt, chairman of directors of the Mount Lvell Milling and Railway Company, Limited, who with other directors has completed the annual tour of inspection of the company's mines in Tasmania. The outlook generally from the viewpoint of metal production was satisfactory, and there was every reason to believe that the output of copper aimed' at, about J3,000 tons a year, Mould bo attained during the financial year. Mr. Holmes Hunt said that particular attention had been given to the Yfcst Lyell group of mines, where the extensive open-cut operations had been facilitated by the addition of a tip cubic yard electric shovel and the provision of a number of 12-ton motor? trucks for ore transport. These witK further improvements in the methods! of extracting and handling, enabled the requirements of the treatment plant to be easily maintained. It was noted that at the concentration mill the additional plant authorised last year had been installed and further improvements effected. The technique of the operations had been developed, permitting the treatment of lip to 3000 tons of ore a day, the tonnage constituting a record in tho history of the company's operations. "The only matter giving some degree of concern," said Mr. Holmes Hunt, " is the price of copper in its relation to tho cost of production, tho latter naturally having increased as a result of the higher wages and shorter working hours introduced in April last. When these alterations were made tho price of electrolytic copper was £BB sterling a ton, whereas the price to-day is about £'43 a ton. The significance of these figures is obvious. It is hoped, therefore, that the position will be relieved before long by some increase in the price of copper. " A s]>ccial point of interest is the increase in the number of employees, which is greater than at any time during the last 24 years. ft has been a matter for regret that because of the rapid decline in the price of copper the price bonus paid to employees had to be withdrawn after having operated for only eight months." Mr. Holmes Hunt mentioned that the general manager, Mr. K. M. Murray, would leave in a fortnight to visit Europe. During his absence of several months, Mr. A. H. I'. Moline would bo acting general manager.

POSITION OF BUTTER OPTIMISM IN LONDON INQUIRY FROM CANADA (Received February 27, 5.5 p.m.) LONDON. Feb. 2U The butter position remains rather difficult to follow. After the rise at the beginning of the week business petered out, although there is still plenty of optimism about the immediate future. There is no reason to expect any big break in the market, but many operators would be happier if price levels were. slightly lower, say around 110s to li2s. There has been some inquiry from Canada for New Zealand butter. VICTORIA INSURANCE THE HALF-YEARLY ACCOUNTS For the half-year ended December 31, 1937, the Victoria Insurance Company, Limited, Melbourne, earned a net profit of £28,750, compared with £24,600 in the previous half-year and £23.160 for the corresponding -period of last year. Income consisted of premiums, £191,140, and interests and rents, £11,790. An interim dividend of 2s a share is recommended. For 193637 a total of 5s a share was paid, made np of an interim of 2s a share and a final of 3s a share. The Victoria General Insurance and Guarantee Company, Limited reports a profit of £4630 for the half-year. For the same period in 1936 the profit was £3930. An unchanged interim dividend of 6d a share is recommended. PRICES OF METALS ALL-ROUND DECLINES LONDON, Feb. 25 Following are to-day's quotations on the London metal market, compared with those of February 24: Feb. 25 Feb. 24 Per ton Per ton £ s (I £ s d Copper, stan., spot 40 O 4% 41 4 4Va Copper, stan., 3 inos. 40 3ii 0 41 8 0 Copper, electrolytic 44 5 0 45 0 0 to to 45 OO 40 0 0 Cop., elec., wire bars 45 0 0 40 0 0 Lead, soft, spot .. 15 5 0* 15 5 lV a liCad, soft, forward 15 4 4Va 15 •"> ~Vi Spelter, spot .. 14 IS iVa 15 3 0 Spelter, forward .. 11 18 1% I 5 8 0 Tin, stan., spot .. 180 17 0 180 7 0 Tin, stan., 3 mos. 180 7 0 180 2 (( Quotations for other metals, with last week's prices in parentheses, are: Pig iron: Home trade, £5 9s (£5 9s). Antimony: British, £Bl,los (£Bl 10s^; foreign. £6O, sellers (£GOh Molybdenite : £2 ss. nominal (£2 ss), a unit. Wolfram: Chinese, £3 IBs (£3 17s) a unit. WHOLESALE EGG PRICES The Auckland Egg Marketing Committee announces tjiat wholesale egg prices are unchanged, as follows: —Hen: First grade. Is UJd a dozen; B, Is 7Jd; C. Is OJd. Duck: First grade. Is lOJd; B, Is BJd; C, Is 24(1. Country storekeepers' minimum buying prices for first-grade eggs are: —Hen: Is 6d a dozen; duck, Is sd. CALL AND DIVIDEND LIST Dividends — Due Winchcombe Carson—int., 4 p.c. To-day Ar»o —Id a share . .. .. To-day Bin River —No. 1, Id a share To-morrow Elder, Smith—ord., int., 7 p.c. To-morrow Okarito—7 p.c. . .. .. To-morrow Carlton Brewery—final, IV 2 p.c. To-morrow Paddy's Point—ttd a share . . To-morrow M.K. Millinery—final, 8 p.c. .. Mar. 3 Standard Insurance —int., Is 3d a share .. .. Mar. 7 W. It. Carpenter—int., 10 p.c. p.a. .. .. . . . . Afar. 15 Electrolytic Zinc-—ord. and prof. int., 0 p.c. .. .. .. Mar. 17 Broken Hill South—int., 0d a share .. • .. .. Mar. 18 Huddart-Parker —final, pref., 3 p.c.; ord., 6 p.c. .. .. Mar. 10 Bank A'asia. —final, 4s Od a share sterling:, legs British income tax . . .. .. Apl. 1 Milne and Choyce—int., pref., 0 p.c. p.a.j B pref., 7 p.c. p.a.; ord. and deb., 5 p.c. p.a. .. Apl. 0 Calls— Farmers' Trading—third, 2s a share . . .. .. Mar. 5 Bundi—3d a share .. Mar. 0 Golden Crown —con., fifth, 3(1 a share .. .. .. Mar. 10 Broken Hill Pty.—new, 5s a share . .. .. .. Mar. 31 Burns-Philp—new, 5s a share (making: 10s paid) .. .. Apl. 1