NEW GUINEA GOLD

Otago Daily Times, Issue 22064, 21 September 1933, Page 14

NEW GUINEA GOLD

(United Press Association.) (By Electric Telegraph-Copyright.) LONDON, September 19. (Received Sept. 20, at 5.5 p.m.) Neg Guinea Gold, 6s. PRICE OF GOLD (United Press Association.) ; (By Electric Telegraph—Copyright.) . LONDON, September 19. (Received Sept. 20. at 5.3 p.m.) The latest quotation fOr gold is £6 11s 9d per ounce. WAIKATO FARMERS’ COMPANY (Special to Daily Times.) AUCKLAND, September 20. The report of the Farmers’ Co-opera-tive Auctioneering Company (Waikato) for the year ended July 31 shows prolits of £17.087, compared with £5651 last year. The amount is not sufficient to justify a dividend on the ordinary shares, but the preference shareholders will receive their usual 6 per cent., lees the deduction rendered necessary under the National Expenditure Adjustment Act, and there remains over £4OOO to be added to the reserves. The company has regularly paid a preference dividend. The last ordinary distribution was 7 per cent, in 1930. The turnover for the year has been £1,048,160, compared with £1,034,909 for the previous period. The expenses at £78,559 are less by £4300. *

Messrs Fraser and Co., selling agents for Otago and Oamaru Egg Circles, report as under:-“-Eggs: Poultry farm eggs, market rates; others, 9d. Butter: Separator pats. Od to 8d per lb; bulk, 7Jd per lb. Tallow, 8s to 9s per cwt. Pigs: Good bacon weights, 4sd per lb; overweights, 2d to 3d; porkers, to 43d per lb. Potatoes, £4 to £4 5s per ton, ex store. Chaff, £3 log to £4 10s per ton, sacks extra. Whole fowl wheat, 4s to 4s 3d per bushel. Bulk honey, 3Jd to 4d per lb; 10lb tins, 3s 3d to 3s 6d. Beeswax, la. Poultry; White Leghorn hens, 4s Cd; heavy breeds, 6s to 7s; cockerels, 5s to 10s; roosters, 2 S to 3s; ducks, 3s to 4s; ducklings, 6e to Bs, all per pair. Turkey gobblers, 8d to 9d per lb live weight; hens, 7d to 8d per lb. We stock “Palmer’s" chick food, “ National ” meat meal. Leg rings, le per dozen (special quotes for quantities). We are agents for “Champion” egg crates, “Isco” cod liver oil for poultry; prices on application. Consignors please note that all pigs and poultry must arrive not later than Wednesday morning of each, week. We have a stock of poultry crates on hand for the use of our clients.

MINING ALEXANDER MINES. The following telegram was received by the Dunedin Stock Exchange yesterday morning from the secretary of the Alexander Mines, Ltd.: —“Stone showing visible gold has been cut in new No. 4 level. Width not known until further work done” MOUNT LYELL COMPANY. The following is the report of the Mount Lyell Mining and Railway Company, Ltd., for the fortnight ended September 6: North Mount Lyell Mine: Tons extracted 0712, 700 ft level, Mullock Pass drive to 81ft through schist, conglomerate, and pyritised quartzite; 850 ft level, No. 28 rise to 153 ft through low grade quartzitic ore. Crown Lyell mine: Tons extracted 3231, Royal Tharsis mine: Tons extracted 2868. No 3 level, No. 2 ladderway rise to 18ft through low grade ore, and completed by holing through to No. 3 stope; drainage crosscut, commencing from side of main crosscut, advanced to 14ft through low grade ore. No. 5 level, transfer pass drive to 111 ft through ore and schist. Lyell Comstock mine: Tons extracted 5281. No. 7 level, main tunnel to 639 ft through conglomerate. Reduction works:_ Furnace in blast 7 2-3 days during period; 0266 tons refinery anodes made for current year. Concentrator: Mill operated 333 hours and treated 17,573 tons orb, producing 1978 tons concentrates. Copper refinery: Tank house in operation throughout period, 420 tons of cathode copper being produced during fortnight. Total for current year, 9772 tons. OTAGO GOLDFIELDS. ENGLISH CAPITAL INTERESTED. Last week representatives of some of the wealthiest English and South African gold mining companies spent a week on i)ie Otago goldfields. After visiting the Nokomai claim and watching the operations there, in which they were very interested, they went on to Queenstown and Cromwell. From there they visited St. Bathans, and the Kildare and other claims, and on their return the Wetherstones field. Rarely in the history of gold mining in Otago has there been such interest taken by overseas capitalists as there is at present, and if the report of the mining authorities who recently visited the goldfields is favourable much capital for mining development may come into Otago. LONDON FRUIT MARKET The Otago Provincial Fruitgrowers’ .Council, Ltd., advises that the High Commissioner’s cabled report for week ended September 16 on the London fruit market is as follows: Apples.— Market stronger at about last week’s rates. , SYDNEY STOCK EXCHANGE (United Press Association.) (By Electric Telegraph—-Copyright.) SYDNEY, September 20. (Received Sept. 20, at 10 p.m.) On the Stock Exchange there was considerable activity and buying confidence, due to the promise of tax reductions in Federal and State spheres and the further improvement in wool prices. Industrial shares sold generally higher, bonds firmed, and gold and tin Shares were in strong request. The following sales were made: — Bank of New South Wales £33 ss, Commercial Bank of Sydney £lB 7a 6d, Union Bank £lO 12s, National Bank (£6 paid) £6 12s, Bank of Adelaide £6 2s Gd, Colonial Sugar (New Zealand delivery) £59 15s, Associated News- Consolidated (£1 shares) 18s lid, (New Zealand delivery) 18s lid, (pref.) 19s lid, Australian Provincial Assurance Ila lid, Adelaide Steam 24s 7d, Howard Smith 11s lOd, Berlei 27s 3d. British Tobacco 37s 6d, Tooths S9s 6d, Tooheys (ex div.) 28s 7id, Dunlop Perdriau 18s 4id (pref. 33s 6d), Goltlsbrough Mort. 80s 3d, Morris, Hedstrom 20s 3d, Millaquin Sugar 28s 6d, David Jones 31s, Lustres Hosiery 15s 9d, Australian Iron and Steel (prof.) 16s 9d, J. M'Grath 28s. Winchcombe. Carson 28s lid, Wunderlich 21« 7id, Wilcox, Mofflin 9s sd. Broken Hill Proprietary 39s 3d. Smith Broken Hill 66s 6d, North Broken Hill 87s, Zinc Corporation 37s 6d. Mount Morgan 48s 3d. Bulolo Gold 97k 9(1, Placer Development £l4 15s, Kuala Knmpar 8s lid,

ADDINGTON MARKET (Per United Press Association.) CHRISTCHURCH, September 20. A further substantial advance m fat sheep values caused by the short supply, and a decline in the fat cattle prices through over supply were the features of the Addington market. Store Sheep.—The entry was small, the largest proportion consisting of hojrgets, which scarcely held at late Tates. Ewes and lambs sold steadily at late rates. Values; Medium ewe hoggets, to 15g 4d; good wether, 14s 2d to 15s 3d; medium, 12s to 13s; medium mixed sex, 13s to los Id; ordinary, 10s to 12s; good ewes and lambs (all counted), to 14s 7d; ordinary, 9s 6d to Us; aged, 6 S to 8s; medium sound-mouth, to 16s Dd; young crossbred wethers, to 14s lOd. Spring Lambs.—There was an entry of 110, which sold firmly, the price per lb being 103 dto 10|d. The top price was 32s 7d. , , Fat Sheep.—An entry of 3100 head was forward, which was a smaller yarding, and a keen sale resulted. The basis of values advanced by Is 6d to 2s a head for all classes. Values: Extra prime heavy wethers, to 34s 7d; prime heavy, 29s to 31s; medium-weight. 208 to 28g 0d; ordinary, 22a to 25s 0d; light, 19s to 21s 6d; extra prime heavy ewes, to 31s Id; prime heavy, 27s to 295; medium-weight, 24a to 26s 6d; ordinary, 21s to 23s 6d; light, 17s to 20s Od. Fat Cattle.—The entry of 378 head included 150 head from southern provinces. The market opened firmly, but slipped by 10s to £1 a head below late rates. Best beef made from 25s to 28s 6d per 1001 b, a few specially good sorts bringing up to 30s, good 22s to 265, heavy-weight 19s to 225, medium 15s to 18s, rough to 14s. Values were: Show bullocks, £ls 7s 6d; extra prime heavy steers, to £l2 12s 6d; prime, £9 to £ll 10s; medium-weight, £8 5s to £lO ss; ordinary, £6 5s to £8; light, to £5 15s; extra prime heifers, to £ll 7s 6d- prime, £6 15s to £8 10s; medium, £4 15s to £0 ss; light, to £4 10s; extra prime cows, to £9 7s 6d; prime, £5 10s to £7 10s; medium, £4 to £5 ss; light and aged, to £3 15s. Fat Pigs—There was a medium entry and a good demand for better quality pork and bacon bought for export. Values: Choppers, 20s to £2 8s 6d: porkers, 25s 6d to 29s Cd; heavy. 30s Cd to 35s Od (average price per lb 5d to s|d); baco tiers, 38s Od to 46s 6d; heavy, 48s 0d to 55s 6d; extra heavy, to £3 Is 6d (average price per lb to 4Jd).

SLUMP IN THE DOLLAR (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY, September 19. Following yesterday’s slump be the dollar, which, after touching 4.82 (the rate on New York), closed at 4.791, conditions on the foreign exchange market were less irregular. This morning the dollar opened at 4.78, and was later quoted at 4.78 J. The franc was quoted at 79J. Pending clearer foreign exchange, other business in the stock market was of modest dimensions to-day. British funds were solid. War loan was quoted at £IOO 12s Cd. A NEW LOW LEVEL. NEW YORK, September 19. (Received Sept. 20, at 11.50 p.m.) i The dollar fell to a new low level in comparison with gold currencies, and was quoted at 04.65 in relation to the franc. Sterling closed at 4.80|, an advance of 33 for the third consecutive day. The Stock Exchange failed to rally strongly on the falling dollar. A few industrials were up slightly, but otherwise the closing prices were erratic.

LONDON WHEAT MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, September 19. Wheat cargoes are firm on Winnipeg advices. Sellers demanded 0d advance for Manitobas. Though Australians and Plates were fully steady, the demand was quiet owing to the reports of good rains in Australia. Futures:—London—September 21s 6d, December 22s sd, February 22s 8d; Liverpool—October 4s 10|d, December 5g l(Sd, March 5s May 5s 6Jd. CONDITIONS IN THE UNITED STATES THE ROOSEVELT RECOVERY PLAN. Commenting on the activities of the National Recovery Administration, the Guaranty Survey says in its latest issue;— “The great majority of business men, apparently, are determined to accept the Federal programme and to live up to its terms, although many business enterprises find themselves in the position of having raised wages and shortened working hours without any clear idea how the resulting increase in costs is to be offset. Selling prices ate still subject to consumer demand. And, to the extent that larger payrolls are balanced by higher prices, the increase in aggregate consumers’ purchasing power is obviously nullified and the purpose of the plan is defeated.

“ On tlie other hand, most business concerns, after throe years of severe depression involving heavy drariiiß on their cash resources, arc in no position to endure arbitrary advances in costs without some compensation in the form of increased revenues. They are expected voluntarily to raise their costs in the hope and faith that the larger payrolls will increase consumption and that the greater demand will find its way back to them and expand the market for their products. In the meantime, their cash position is further impaired. The whole situation provides a striking illustration of the closeness and intricacy with which economic conditions are inter-related, and shows how the injection of an artificial element at any point in the system sets up an almost endless chain of complications, with ultimate consequences that are beyond the power of anyone to foresee. “ The difficulty faced by niany manufacturers of increasing wages and reducing hours of employment, and in some industries paying processing taxes, thus adding materially to the cost of production, is obvious. That they must in turn receive higher prices for their products, thus increasing the cost to the consumer, seeing inevitable, and the effort to increase cost of production without also increasing the cost of consnmntion seems impossible of attainment. Only as larger buying power is generated and as increased volume may help to distribute costs can this economic problem be solved to the profit of all concerned.