COASTAL SHIPPING

New Zealand Herald, Volume LXXVI, Issue 23399, 15 July 1939, Page 11

COASTAL SHIPPING

NORTHERN COMPANY PRESERVATION OF ASSETS ADDITION TO THE FLEET Addressing shareholders at the annual meeting of the Northern Steamship Company, Limited, yesterday, the chairman of directors, Sir Ernest Davis, said the company throughout the year had made every endeavour to preserve its assets and to increase the efficiency of its fleet. For example, two of tho vessels, the Motu and Otimai; had been fitted with new up-to-date and larger engines. Tho outcome was that these vessels could bo moved more expeditiously, which was so necessary in coastal shipping. ' —■" Opportunity was token also to reclass- these vessels when the engines were being installed. Tho acquisition of tho motor-vessel Kapiti added to tho fleet a staunch and handy vessel, which was now doing good work in tho Whangarei trade. Unfortunately, since the year closed, tllie Toa, when leaving Whakatane, grounded on tho bar, narrowly esuuping serious disaster. However, she was refloated the following tide, and had now been placed on tho slip to undergo considerable repairs. Throughout "the year, neither time nor effort had been spared by tho management in. its endeavours to promote business, and tho directors placed on record thelir high appreciation of the services ins that regard performed by the general i manager and the members of his stafii ashore and alloat. The details of which were published in tllie Hkkald on July 8, were, adopted. Tho retiringi directors, K Anderson, A. Jt. Hutchinson and E. W. Evans, were ro-clected, arid the auditor, Mr. G. O'Halloran, was reappointed. BONUS iSHARE ISSUE MUTUAL qiFE ASSURANCE SECOND IN FEW MONTHS SYDNEY, July 14 Tho Mutual liife and Citizens' Assurance Compiftiy, Limited, is making a further bonus is3sue of £300,000, to be distributed in tllie proportion of three new shares for ;every seven held. This brings the paid-up capital to £1,000,000. Incorporated in 188G as the Citizens' Life Assurance Company, Limited, the name was changed in 1908. Reserves amounting to £i>oo,ooo were capitalised in April and shareholders received fivo new shares for every two then held. These two bonus issues have increased the issued capital Irom £200,000 to since April.

LONDON WOOL SALES RATES FULUY MAINTAINED I DEMAND STILL ACTIVE .LONDON, July 13 At tho wool stales 9053 bales were offered, including 4404 bales from New Zealand, and 8106 bales were sold. A good selection was offered and again met an active demand, with rates fully maintained. New Zealand greasy halfbred, "Ellon," average ll£d, highest 12ld •per lb.: "Uptonfe&ls," llid and lljd: greasy crossbred. "N.Z.W.M.A.," 9Jd and 12d; slipe halfbred combing, lambs, "Longburn," 14|cf and 15d.

BRADFORD MARKET MORE GOVERNMENT ORDERS LONDON, July 13 The Bradford market is very firm, with further Government orders. Topmakers are advancing quotations. Following are to-dayj's quotations and those of recent weieks: —

MINING NEWS MARTHA CRUSHING RETURN 3603 OUNCES OF GOLD [by TELEGRAPH —OWN correspondent] WAIHI, Friday The following information has been cabled to the London office of the Martha Gold Mining Company (AVaihi), Limited: — For the period ended July 1, comprising 20 crushing days, 15,273 tons of ore were crushed for a result of 3603 fine ounces of gold, ! and 27,973 fine ounces of silver. No. 2 Level. 1 Lode. —Driving west of No. 2 shaft, south-east crosscut, the next 31ft. shows 110 change. No. 4 Level, 1 Lode. —Driving west of Lovett south-east crosscut, in the next 22ft. the vein is small and of good value, but not payabfo to stopo. No. 5 Level, north branch of Martha lode.—ln the crosscut to the north at 292 ft. west, tin nexti 6ft. is country rock. Work has been stopped.

YIELDS OF COMPANIES Nemona (West Coast). —18oz. from 10,000 yards in 126 hours.

REPORTS OF MANAGERS Sylvia Mlno (Thames}.—All preliminary work in preparation for tho sinking of the shaft having been completed, excavation of chamber and fhaft is now under way. Tho shaft will be first sunk to a depth of eight feet to permit tho collar and leading sot to bo placed in position, and tho excavation of the chamber will then bto proceeded with, tho necessary timbers to lake the overhead gear being then built up from tho collar, thus limiting as far as possiblo tho amount of excavation work required for tho chamber. On completion of that work tho sinking of the shaft will bo continued. A larger ventilation fan with nlncjnch delivery has been installed, and is giving every satisfnetion in efficient ventilation. Tho power plant and drills are working smoothly.

WHEAT, FLOUR AND SUGAR LIVERPOOL FUTURES DROP LONDON, July 13 Wheat.—Cargoes nro cfisier, and parcels are easier. Liverpool futures, for July touched 3s 7£d a cental, tho lowest wheat prico since 1592. Hie cftuso of tho slump for which it was necessary to go back centuries to line! a parallel was tho decline of tho Amencan markets, coupled with favourable weather reports. Liverpool wheat rallied and closed at 3s &2d. Futures.— London: August, 19s lid a quarter; November, '2os 7jd. Liverpool: July, 3s 82d a cental: October, 3s 113 d; Decern ber v 4s ljd. Spot trade easier. Australian, 21s 3d to 22s 9d. Flour, dull. Australian, ex store, 18s 3d to 19s 3d. Raw BUgar, beetroot basis, 8s lid a cwt.

Juno 22 Juno 20 JulyO July 13 per lb. per lb. per lb. per lb. d (1 d d Seventies . 20% 2(5% 2(>% 28 Sixty-Jours . 25% 25% 25% 20% Sixties . 24% 24% 24% 25% Fifty-eights . 22% 22% 22% 23 Fifty-sixes . 20% 20% 20% — Fifties . 10 io 19 Forty-sixes . . *17% *17% *17% — Forties . *17% *17% *17% •Nonjinal.