IRON ORE SUPPLIES

New Zealand Herald, Volume LXXV, Issue 23000, 30 March 1938, Page 9

IRON ORE SUPPLIES

CONCERN IN AUSTRALIA EXPORT BAN SUGGESTED CONSERVATION OF PEPQSITS [FROM OUII OWN COItJtKSPOXDENT] SYDNEY, March 25 With the plans for the establishment of a steel industry in New Zealand, interest will be taken in the Dominion in the likelihood of the export of iron ore from Australia being banned. Such a ban will probably only apply to foreign countries. If a complete prohibition is not applied, there is certain to bo some restriction of export at least until a full survey of Australia's iron deposits is made. An embargo on the export of iron ore would raise serious complications, involving opposition from Western Australia and Tasmania, possibility of a claim for compensation from the company now developing deposits on Coolhill Island, Yampi Sound, Western Australia, and possible repercussions from Japan. A Japanese company financed the Australian company which was developing tho Yampi Sound deposits, and entered into an agreement to buy the output, estimated to be at least 500,000 tons a year.

Company's Commitments Tho Australian company claims that it only undertook t.lie enterprise after specific assurance from the Commonwealth that there would be no interference with its plans, which, it says, were submitted in detail to the Commonwealth and Western Australian Governments. An official of the company sa.vs that it has expended about £260,000 and is committed to another £.'150.000 for equipment. Probably the exporting stage would not be reached for two years.

The (lunger of exporting iron ore t'o foreign countries, especially Japan, was emphasised Inst year when the Yampi Sound company announced its plans. There was widespread resentment when it was disclosed that this company was tied to Japanese interests in the development of the deposits, Report by Geologist The matter came up again recently as a result of a report from the Commonwealth geologist, Dr. G. Woolnough, who warned the Government against uncontrolled exploitation of Australian iron ore. He suggested that it would be wise to prohibit or limit exportation from Yninpi Sound and Iron Knob, the onlv two large certain sources of accessible iron ore in Australia. The estimated reserves at these two places were respectively 100,000,000 tons and 150.000,000 tons. These tonnages appeared'to be high, but they were modest compared with the really great iron deposits of the world. The Broken Hill Proprietary Company, Limited, which operates the Iron Knob deposits, immediately agreed to impose a ban on exports, but the Western Australian interests expressed opposition through the Premier of that State, who described the proposed action of the Federal Government as highhanded and precipitate. It was claimed that before the Yampi Sound deposits were in the stage of production, it could be proved that tremendous deposits of iron ore existed in Western Australia alone.

QUOTATIONS FOR WHEAT LONDON AND LIVERPOOL FUTURES IN CHICAGO LONDON, March \?S Wheat. —Cargoes and parcels arcsteady. Futures —London: March. 40s 6d a quarter; May, .'l9s 6(1. Liverpool: March, 6s 7Jd a cental; May, 6s BJd; July, 6s 8d; October, 6s 7Jd. CHICAGO, March 'ja Wheat.—May, 86 i cents a bushel; July, S2J cents; September, 83$ cents. WOOLWORTHS' SUBSIDIARY SYDNEY COMPANY'S PLANS

The directors of Wool worths, Limited. Sydney, intend forming a new I subsidiary to be known, as Wool worths j Properties, Limited, according to information given to shareholders at the ! annual meeting in Sydney last week. The purpose of the new company i.s to take over cei'tain freeholds or the company. It is anticipated that an issue of (j per cent preference shares to be made by the new company will be ! offered to Woolworths, Limited, slmrei holders, in the proportion of one for ! four, or one for five, based on each £1 : of ordinary capital, or one for 16, or j one for 20, or. each 5s ordinary share. | , ■ | NEWCASTLE IRON INDUSTRY * EXPANSION PREDICTED I High praise for the works of Broken' | Hill Proprietary Company, Limited, I has been voiced by the managing direej tor of the Knglish paint manufaetur- | iny; firm of Lewis Berger and Sons. I Limited. Mr. Frederick Allen, who rej eently visited Newcastle in the course : of a tour of the branch companies, j Mr. Allen said the works of Broken Hill Proprietary, Limited, compared ! more than favourably with the largest i similar works in Kngland. In his opinI ion. Newcastle industries would assume | greater importance from an Empire ; point of view owing to the situation i overseas. He predicted that Newcastle would continue to expand and attract I other important works. GOLD AND SILVER QUOTATIONS IN LONDON LONDON, March JS Fine gold is quoted -to-day at £7 o.s 3d an ounce, same as on Saturday. Silver is quoted at 19Jd an ounce spot and 19 7-16(1. forward, compared with 20jjd and 20id on Saturday. The quotation for silver at per fine ounce is 21 3-16(1, compared with 22d on March 25.

The following is a summary of the fluctuations in the price per ounce of lino gold this year:— £ « d Highest price, March 10 ..70 s'/, Lowest price, January 3 ~ oin 5 March 22 7 0 2 March 23 .. ~ ..7 0 IVi March 24 .. .. ... 7 0 11/,I 1 /, March 25 .. .. ..7 0 2 March 2(1 7 0 3 March 2S .. ~ ..703 PRICES OF METALS TIN AND COPPER EASIER LONDON, March 28 Following nro to-day's quotations on the London metal market, compared with those of' March 25: , March 28 March 25 Per ton Per ton b d A' s d Copper, stan., spot 38 13 VU 3i> 11 3 Copper, stan., 3 mos,. 38 18 1% 30 1(1 IOV 3 Copper, electrolytic 42 10 0 43 5 o ' to lo 43 1() 0 41 5 0 Copper, elect., wire ' ■ ~, 'bars . . . . 43 10 0 41 5 0 Lead, soft, spot .. Id " <», Jd > • Lead, soft, forward Id * L* ]? J ', J Spelter, spot .. l J A ffn' 1P 81nn?'"«po t . .IBS 1 a' lSt lOo" Tin,' stan., 3 mos. 183 7 6 184 17 G