COMMERCE AND FINANCE

Otago Daily Times, Issue 22133, 11 December 1933, Page 6

COMMERCE AND FINANCE

MINING BIG RIVER REPORT. The following is the Big River Gold Mines, Ltd.’s report for November Main Shaft.—During the month mining operations were chiefly confined to repairing the main shaft between Nos. 3 and 4 levels preparatory to reopening No. 4 level. Practically the whole of the timbers had to be renewed, and men are now engaged securing the timber below No. 4 level chamber. A pent house will then be put in below this level. Work has been delayed for a few days to repair the shaft between Nos. 1 and 2 levels. Given fair progress, a commencement to repair No. 4 level chamber should be made in a week’s time. Jones Reef.—Work on this orebody has practically stopped, the whole of the ore available having been extracted. No. 3 Level, No. I South Drive on Henderson’s Reef.—The timbering of a portion of. this level has been completed and sloping commenced over the level. A reef 4ft 6in wide is now in the face at 210 feet in. Preparations arc also completed to test a make of stone 15 feet in. Prospects here are promising. Crushing.—Very little crushing has been done for the month owing to the main shaft being under repair and thus preventing haulage operations. An unprecedented drought is now being experienced, and no water is available for driving the battery. BELL-HOOPER RETURN. The secretary of , the , Dunedin ' Stock Exchange, has received advice that the Bell-Hooper return for the week ended December 8 was 440 z 19dwt. THE PRICE OF BUTTER . The local butter manufacturers report that the price of butter will to-day be increased by one penny per lb. DAIRY PRODUCE The ; South Island Dairy Association, Ltd., has the following market report from London:—Butter. —Steady; 70s to 725; Danish, 112 s. Cheese—Steady. White, 47s to 48s; coloured, 46s to 47. LONDON PRODUCE MARKET The Bank of New Zealand has received the following advice from its London office under date December 8: — Frozen Meat.—The market for wethers is becoming firmer owing to small supplies available. For eweg the market is firm, with an upward tendency. The iamb market is expected to decline, as- high prices are checking the demand. Trade generally is brighter, with a better demand. Wethers, light 41d. to sj[d per lb, heavy 3Jd to 4d per lb: ewes 2|d to 4d per lb; lambs, twos 8d to Bid per lb, eights 8d to Bid per lb. GRASS SEED MARKET The London produce circular of the Bank of New Zealand, dated October 20, states that a feature of New Zealand busine» in seeds during the past month has been an active demand for New Zealand ryegrass., Although it is difficult to ascertain the exact quantity sold, it is believed that at least 1000 tons bave been disposed of for shipment~to the United Kingdom, the greater part of which has been foe delivery in Ireland. The demand was brought about by a shortage in the Irish yields, while in France all the seed crops have also yielded badly.

AUSTRALIAN IRON AND STEEL The directors of Australian. Iron and Ltd.announce; that it has 1 been lecided to commence production, of highest ;rade black and galvanised, sheets at Port lembla. The general manager and chief mginee'r of the company- have recently, seen abroad studying the latest methods of manufacture of the. best quality products, and, following on, their investigations, arrangements have been made dor the installation of a plant which will be the .most modern in the British Empire. It is anticipated that production will commence in August next years’’ MERCHANDISE MARKET It is understood that the new' season’s dates and Sicily almonds will_ be transshipped at Melbourne to the Kartigi and will arrive here on December 16. Reports state that the Singapore market for sago and pineapples has advanced. A small shipment : of Hawaiian pineapples arrived during the week. Cargoes of sugar will arrive by the Port Whangarei and : the Wingatui on December 14.. The last vessel carrying sugar to arrive before the holidays will be the Waipiata, due here on December 20. . - A small shipment of Canadian macaroni and vertnecelli reached" the market during the week. ’ The Karamea, which arrived during the week from Liverpool and Glasgow, brought a considerable consignment of fine, coarse, and iodised salt, carbonate of soda, caustic soda, borax, and bulk and case whisky. The Kaimiro, from Adelaide, brought Australian fine and coarse salt and South Australian wines. As from December 1, a duty of id per lb has been imposed on cube sugar.

local: and overseas markets.

THE SHARE MARKET DUNEDIN STOCK EXCHANGE A sale of Waitahus took place on the Dunedin Stock Exchange on Saturday morning -at 4s lid. This was the price at which they -were wanted when the market closed, sellers then asking 5s 2d. Nokomais were sold at 2s 6d, and were on offer later at 2s 9d without attracting further buyers. Dominion Fertilisers were wanted at 18s Id, but sellers were firm at 18s 6d. There was a buyer for Bell-Hoopers at but sellers were asking Is OJd. SALES ON CHANGE.

NORTHERN EXCHANGES (Pee United Press Association.) The ■ following business was transacted on ’Changes on Saturday Auckland. —Salesi Commercial Batik of Australia, 17s 6d; Bank of New Zealand (cum div.), 48s 3d; South British, /7s 3d; Farmers’ Co-op. Auct. B. 19s 6d; King Solomon, 3s 2d; Waihi Junction, 4s 4d. Unofficial list: Skippers (6d paid), 2d; New Zealand Perpetual Forests (paid). 48s. ■ . , ‘ Wellington. —Sales; South British Insurance, 77s 3d: Union Steam (pref.), 255; Wellington Gas. 34s 6d; Waihi Grand Junction, 4s 4d (last turn late Friday). Christchurch. Sales: Qoldsbrougn, Mort, 335, 33s 2d, 33s 3d; British Tobacco (cum div.), 37s 4d (2); Dominion Fertiliser, 18s 2d, 18s, 17s Hd; Charleston Sluicing, Is 9d; New Cornish Point (Is paid), lid (2); Maerewhenua (Is paid), 10d (2); Waitahu, ss, 5s 2d; New Zealand Refrigerating (10s paid), 9s Bd. COTTON. RUBBER. ETC. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 9. (Received Dec. 10, at 7 p.m.) Friday’s closing prices were as follows: — Cotton: Spot, 5.25 d per lb; January delivery, 5.02 d. , Rubber: Para, 4gd per lb; plantation, smoked, 4 l-l 6d. Jute: December-January shipment, 2s 6d per lb; January, 14Jd. Hemp: December-February shipment, £ls per ton. Copra: Nominal, December-January shipment, South Seas, £8 2s 6d per ton; Plantation, Rabaul, £8 7s 6d. Linseed Oil: £l9 10s per ton. Turpentine, 43s per cwt.

SYDNEY WOOL SALE RANGE OF PRICES (United Press Association.) (By Electric Telegraph:—Copyright.) SYDNEY, December 9. This week’s current wool prices were: — Greasy extra super merino, to 34d; ditto, best, 23d to 24d; good, 21d to 22d; average, 19d to 20d; ditto, slight seed or burry, best 20d to 21 d, good 18£d to 19Jd, average 16Jd to 17Jd; ditto burry, best 18d to 19d, average I6d to 17d, inferior 13d to 15d; first pieces, best 22d, good 19d to 20d, average 16d to 18d; bellres, best 13Jd to 14Jd; locks, best to 12d; lambs, best to 24d; comebacks, best to 23d; crossbreds, best to 23^d. NEWSPAPER COMMENT. A’ WORD OF WARNING. BASIS OF REASONABLE STABILITY. (United Press Association.) (By Electric Telegraph—Copyright.) SYDNEY, December 9. The Sydney Morning Herald’s weekly wool letter says; — “The satisfactory demand experienced during the simultaneous conduct of the auctions in Australia, London, and other places is a tribute to the strong marketing position of the raw material. The values for the bulk of the merino wools submitted at Sydney showed no quotable change compared with the rates in. November, but the better descriptions, of fleece wools and dusty, doubtful-yielding lines were irregular and at times 5 per cent, easier. fact cannot be overlooked that the value of wool has shown a decidedly rapid recovery, and until the prices for metals, cotton, butter, wheat, and other products also advance appreciably, and thereby increase the general purchasing ability, a danger exists of the market temporarily exceeding the public’s buying power. Moderation is essential for the sason’s sales to produce reasonable stability in rates. The' higher cost in wool this season has not thus faj given any disturbing check to the trade in mill products.” HUME PIPE DIVIDEND (Per United Press Association.) WELLINGTON. December 10. The Hume Pipe Far East, Ltd., has advised the Stock Exchange Association that it has declared an interim dividend of S per cent., payable on December 22. LONDON METAL MARKET i ■ I United Press Association.) (By Electric Telegraph—Copyright.)

THE RABBIT MARKET (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 9. (Received Dec. 10, at 8 p.m.) Rabbits: First large, ex store, 17$ 6d. 18s. • ■■ v PRICE OF GOLD (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 8. Gold is quoted at £6 6s 9d per oz. THE PRICE OF THE FRANC (United Press Association.) (By Electric Telegraph—Copyright.) PARIS, December 8. The franc scare has ended. The Bank of France return for the week ended December 1 shows a loss of under £5,500,000.

CHRISTCHURCH WOOL SALE GROWERS OPTIMISTIC KEEN COMPETITION EXPECTED. (Per United Press Association.) CHRISTCHURCH, December 10. Growers are looking forward with more confidence than for many years to the result of the opening Christchurch wool sale, which will be commenced on Tuesday morning. The catalogue will embrace the first substantial showing of . fine wool offered so far this season, and_ it is expected that there will be additional buying strength on that account from the different sections of the trade. The buying commissions for particular classes of wool do not as a rule come forward until the eve of the auction, and for this reason it is expected that there will be very keen competition from sources that were only moderately active at the northern centres. The Wool Committee’s allocation of 25,000 bales has been filled. The wool, after the very dry growing season,’will be much lighter than usual and also dustier. A good deal of the coarser plains wool is carrying chaff round the neck as a result of the dependence on chaff for winter feed due to the failure of the turnip crop last winter. As a rule the catalogue for the first sale us largely drawn from the paddock farms on the plains, but the big rise at the opening northern sales has caused more owners of the finer-woolled flocks to send forward the wool from their dry sheep. Most of the hogget wool will be of the finer class. Though some of it is tender, the hogget wool is bright and clean. The catalogue will comprise less coarse wool, one influence in this direction being that there is a tendency towards usin" finer-woolled rams on the plains, which will result in more wool of a higher count. The wool, as it has opened up so far, indicates that when the big bulk of the high-country clips come forward the quality will be up to the best standard of recent years. Brokers are somewhat diffident about suggesting the probable values for the best of the super wools. However, 22d is expected, and a good proportion of the good grade 56 wool should range round about 19d. For the little merino forward and the super halfbred and Corriedale the competition of the local mills is generally a strong faetor in' the market, a,nd this may lift occasional prices to good heights. Average halfbred should range about 15d to 17d. It is expected that the main buying points—Bradford, Japan, and Germany—will be prominently in the market for practically all classes > of wool of a 50 count and over. It is understood that the bench of buyers will be increased. Buyers are now busy valuing the catalogue, and their number appears larger than usual. PRICE OF THE DOLLAR (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, December 8. The dollar is quoted at 5.12, ALLEGED ADVANCE INFORMATION., (United Press Association.) (By Electric Telegraph—Copyright.) WASHINGTON, December 9. (Received Dec. 10, at 7.25 p.m.) A sensation developed to-day when it was announced that the Treasury was investigating complaints that the London market had been getting four to eight minutes’ advance information on the Treasury’s daily announcement regarding the gold price. It is said that the price was fixed through telephone conversations by various officials, and the possibility of a “ leak ” is held to be all but impossible. Nevertheless the matter will be sifted. There is again no change in the gold price. To-day, however, the dollar lost about 20 points against the franc, and closed at 63.45 sterling, up 1J to 517. The franc was up two points, 617 J. THE CENTRAL BANK THE TRADING BANKS’ GOLD. Under the heading “Whose Gold?” the Bulletin refers to the provision in the Credit Bank Act for the transference of the trading banks’ gold to the new institution. It says:

“Maoriland is by schisms rent asunder over a proposal in its Reserve Bank Bill that the Government shall take over all the gold coin in the hands of the private banks, about 4,400,000 sovereigns —at mint par value—£4 5s per fine ounce. “ Francis ■ Bell, K.C., an ex-Preraier, has given an opinion that the proposal is legally unsound, as the gold is the banks’ property, and should be paid for at its current value. Finance Minister Coates, for the Government, takes the line that the gold is held purely as a statutory reserve against note issue, and that the banks retain it only because the Government years ago absolved them from tbe liability of redeeming their notes in gold. The banks retort that their statutory gold reserve against note issue is S 3 1-3 per cent., whereas their gold holdings are little short of 100 per cent, of notes issued, and in the case of four of the six banks actually exceed note issue. More outspoken critics say that the Government aims at staving off 'the return to roost of the chickens of boosted exchange, “ The Reserve Bank’s note issue need have a backing of only 25 per cent, sterling exchange, and if it commandeers the private banks’ gold at mint par and exercises to the full its right to take up outstanding Treasury bills, over £20,000,000 will be made available to the Treasury to tide over present financial troubles.”

£ s. d. Waitahu .. .. 0 4 ii Nokomai .. .. 0 2 6 The following are Saturday morning’s selling quotations, which are subject to the usual brokerage: — BANKING. Buyer. Seller. £ s. d. £ 8. d. Australasia .. — 12 10 0 New South Wales 32 2 6 — New Zealand — **2 7 9 N.Z. (Long D) .. — “*1 12 3 Commercial .. 0 17 6 0 17 9 National of N.Z... 4 0 0 4 3 6 INSURANCE. National o m 0 0 19 3 New' Zealand 2 16? 0 3 0 0 South British 3 16 0 3 18 0 SHIPPING. Huddart, Parker (Pref.) .. .. 14 0 — U.S.S. Co. (Pref.) 1 4,9 1 5 6 COAL. Kaitangata .. .. 1 1 6 1 2 3 Westport .... 0 13 6 0 14 0 LOAN AND AGENCT, Goldsbrough, Mort 112 3 , National 1 Mortgage 3 2 0 3 4 0 National Mortgage ' (B issue) .. .. 1 10 0 — -N.Z. Loan and M. (Ord.) ., v_ 61 10 0 Wright, Stephenson (Ord.) ... .. 0 13 6 . Wright, Stephenson (Pre£.)‘ .. .. 0 17 0 — MEAT PRESERVING. N.Z. Refrig (Paid) ■ 0 19 9 1 0 3 N.Z. Refrig. (Cont.) 0 9 7 — South. Froz. Meat (Paid) .. .. 3 10 3 2 0 South. Froz, Meat (Cont.) .. .. 1 11 0 — South Otago Freez. 5 7 6 — MISCELLANEOUS. British Tobacco .. ffl 16 9 — Crystal Ice ,. ,, 1 11 0 D.I.O. (Ord.) 0 14 6 — D.I.C. (Pref.) .. 12 6 — Dominion Fertiliser 0 18 1 0 18 6 Dominion Fertiliser (Debs.) .. .. — 104 0 0 Dominion Rubber 0 16 9 — Donaghy’s Rope .. 2 6 *0 — Electro-Zinc (Ord.) 1 6 6 Kaiapoi Woollen (Pref.) .. .. ' 0 18 0 Milburn Lime 1 11 0 — Mosgiel Woollen .. 8 15 0 — Mount Lyell .. . . 12 5 — National Electric.. — 0 0 3 N.Z. Drug Co. 3 13 0 , Smith and Smith.. — 0 19 0 Wilson’s Cement — 1 6. 6 N.Z. Newspapers.. 1 7 6 BREWERIES. N.Z. Breweries .. **1 16 0 — Timaru .... ... — 0 5 6 7 OIL. Moturoa .. .. ., — 0 4 0 Moturoa- (Pref.) .. — 0 6 0 MINING. Waihi .. .. .. 16 9 Waihi Grand Jctn. 0 4 2 . — Mahakipawa 0 0 1 — Okarito 0 10 0 Paddy’s Point 0 4 0 0 4 5 New Cornish Point (la paid) ,. — 0 1 1 Golden Progress .. — 0 1 6 King Solomon 0 3 1 0 3 4 Golden Point 0 0 2 0 0 34 Nevis Diesel — 0 1 2 Blackwater ’.. .. — 1 11 6 Gillespie’s Beach 0 1 10 0 1 11 Waitahii .. ,. 0 4 11 0 5 2 Big River .. .. 0 1 14 Mount David • 0 2 0 Nokomai .. .. ' 0 2 9 Freshford .. .. 0 0 1J 0 0 2 Upper 'Shotover,.. 0 1 0 — Lawson’s Flat 0 0 4 — Central SHotover 0 1 0 Bendigo GoldHght — 0 0 6 Bell-Kiigour o o iij 0 1 04 Bell-Hooper o o 114 0 1 04 Oxenbridge .. .. ■ • 0 0 9 Aotearoa .. .. o i n *— Charleston .. . — 0 2 0 GOVERNMENT LOANS. 34 p.c. Ins., 19381943 .. .... 100 15 0 34 p.c. Ins., 19381952 ., .... 100 16 0 — 34 p.c. Ins., 19391943 .... .. 100 15 0 ■ 34 p.c. Ins., 19391952 100 15 0 3J p.c. Ins., 19411943 .... .. 100 15 0 — 34 p.c. Ins., 19411952 ... .. 100 15 0 —• 4 p.c. Bonds; January, 1940 .. .. 102 2 6 4 p.c. Ins., January, 1940 .. .. 102 2 5 — 4 p.c. Bonds, February, 1946 101 15 0 — 4 p.c, Ins., February, 1946 .. .. 101 15 0 — 4 p.c. Ins., April, 1949 — 101 0 0 4 p.c. Bonds, June, 1955 .. 102 0 0 — 4 p.c. Ins., June, 1955 102 0 0 — ** Ex dividend. ft Cum dividend. DIVIDENDS PAYABLE. The following is a list of shares on which dividends will shortly be payable; North Broken Hill Is 6d, final Dec 12 Broken Hill South, Is . • . Dec 15 Blackwater, Is, interim .. . . Dec 15 Consolidated, 6d 15 Bulolo, approx. 2s lid .. . Dec. 15 Mount Lyell, 6d, final .. . . Dec 18 Paddy’s Point, 3d, second . Dec. 18 Mount Morgan, 2s, interim . Dec. 27 British Tobacco, 3 3-5d, final . . Dec 30

LONDON December 8. (Received Dec. 9, at 5.5 p.ra.) The following are the official metal quotation*:— Ton. Copper. *pot .. .. « No change Copper, forward .. . SO 5 0 Ri*e £0 0 Vh Electrolytic, «pot .. . S3 5 0 Rise 0 10 0 Electrolytic, forward . S3 15 0 Rise 0 5 0 Wire ban .. .. 0 Rise 0 8 0 Lead, spot .. .. 9 No change Lead, forward .. . 11 13 9 Rise 0 1 8 Spelter, epot .. 9 Rise 0 1 3 Spelter, forward .. . 15 3 8 Rise 0 S 3 Tin. spot .. .. .. 9 Rise 0 IT 9 Tin, forward .. .. 9 Rise 0 16 0 Pig Iron, home trade . S 3 6 No change Pig iron export #. . a 15 0 No change Antimony, Brltlih . S3 10 0 No change Antimony foreign . 31 15 DnSL 0 Rise 0 5 0 Molybdenite .. ,. 0 No change Wolfram Oa. 0 Rise 0 1 0 Stiver, standard .. . 18 11-lCd No change Silver. On* i. .. . 30 3-lCd No change