TRADE WITH AMERICA

New Zealand Herald, Volume LXXVII, Issue 23780, 7 October 1940, Page 3

TRADE WITH AMERICA

PURCHASES BY EMPIRE BANK PREDICTS INCREASE NEW YORK, Oct. 5 The National City Bank, analysing war-time trade, estimates that the .British Empire is likely to take 70 per cent of tlie total exports of the United States, some of which will be paid for with gold newly produced within the Empire. The report adds that imports by the United States from the Empire will rise in the future, especially because of tho purchase of rubber and tin for reserves, but the Empire's purchases are likely to rise more rapidly. There are indications, therefore, that there will be a relatively small drain on the Umpire's gold and dollar reserves, The position at the end of tho first year of war is encouraging. The report concludes that Great Britain's maintenance of her exports in the face of the loss of Continental markets and the German air attack has been a notable achievement.

MINING NEWS MOUNT MORGAN EARNINGS PROFIT MORE THAN DOUBLED A marked increase in net profit is shown by Mount Morgan, Limited (Queensland), for the year ended .June 25, The profit of £219,704 compares with £92.652 for tho previous year, and £116,004 in 19."38. The sum of £IOO,OOO is transferred to general reserve, which now stands at £IIO.OOO, and £6710 placed in an account styled " reserve for stimulating copper production," has been utilised lor the purpose. The conversion of one section of the oxide mill to a sulphide ore treatment plant was completed in January, and results have been satisfactory. Provision has been made for the resumption of treatment of oxide ore, and the necessary additional plant is in course of erection. The all-round reduction in operating costs is described as the most pleasing feature of the year's operations. Mining and treatment cost per ton of sulphide ore was 12s 10.95 d, against 17s 2.00 d in 19.15-39, * and of oxide ore .'ss 6.49 d, against 5s l.Old. Copper smelting cost was £l9 7s 9d a ton, against £3l 6s. Details of production are omitted because of the embargo placed on such statistics by the British and Commonwealth Governments.

YIELDS OF COMPANIES Argo (West Coast).—lßoz. from 11.500 yds. in l;i0 hours. Mount Morgan (Queensland). —Four weeks ended September 18: Estimated working surplus, £.'3728. So provision was made lor depreciation, overhead expenses oi £200(1 ;md preference share dividend £1231. Capital expenditure for the period amounted to L 6607. Mossy Creek (West Coast). —340z. from 8280 yds. in 100 hours. White's Electric (West Coast). —240z. from 6300 yds. in 79 hours. GREY RIVER DIVIDEND Ihe Grey River Dredging Company, Limited (West Coast), has declared*a dividend of 4d a share, payable on October 14. The company's first dividend of 3d a share was paid in October, 1939. Further payments this year have been 3d a share in March and 4d in July. In September, the dredge yielded 13620z.

WOOL GROWERS' GESTURE SOUTH AFRICAN GENEROSITY (Received October 6, 8.15 p.m.) JOHANNESBURG, Oct. G Wool growers in Venterstad are contributing 2s 6d a bale to the British Fleet for the duration of the war and a year after. JERSEY CATTLE NEW STANDARD PROPOSED [from our own cor respondent] PUKEKOHE, Sunday By 11 votes to nine, the annual meeting of the Franklin Jersey Breeders' Club, held at Pukekohe. endorsed a suggestion by the New Zealand Jersey Breeders' Association that no pedigree .Jersey bull be eligible for transfer as ji pedigree unless its qualifications as a butterfat bull had reached a certain standard.

Also embodied in the suggestion was n proposal that the pedigree bulls eligible for transfer be classified in two divisions, namely, stud bulls and breed bulls, the standard for stud bulls to be higher than the standard for breed bulls. It was set out that the minimum qualifications for a stud bull should be that the dam had C.O.R.'s rising on a scale from 4001b. of butterfat as a two-year-old heifer to 5101b. at five years of age and that the sire was from a dam with C.O.R.'s of at least the same worth. The period allowed for the C.O.R. tests was 365 days. It was specified that breed bulls also had to be from tested dams, but with lest figures lower than in the case of stud bulls.

The meeting rcsojved to also urge the council of the New Zealand association to fi;ame n standard in regard to type and butter Tat backing with which all imported Jersey cattle woidd have to comply to become eligible for transfer to the New Zealand stud book. .Messrs. M. N. Trotter, R. I). Kerr. L. L. Logan and A. J. Andrews were added to the committee of the club. The financial statement showed a credit, balance of £3B.

LONDON COMMODITY PRICES (Received October <>. 0.30 p.m.) LOXDOX. Oct. a Friday's closing commodity prices were:—Rubber, plantation and smoked, llid per lb.; para. 12d. Cotton: spot, 8.31 c! per lb.; November delivery, 7.69 d. Turpentine, 55s per cwt. WHOLESALE EGG PRICES The Auckland Egg .Marketing Committee advises that there is no change in wholesale egg prices. Standard hen and large duck are quoted at Js GJd a dozen, with usual differentials for other si/.es.

NEW ZEALAND HONEY (Received October <>, 0.J50 p.m.) LONDON, Oct. r> The Minister of Food, Lord Woolt.on, lias fixed maximum prices for Empire honey, including New Zealand at 70s per cwt., and Australian at 05s.